XRP News Update: With Korea Cracking Down on Exchanges, Institutional Interest in Crypto Surges
- South Korea's Financial Intelligence Unit imposes fines on Bithumb and major crypto exchanges for AML/KYC violations, following a $26M penalty on Upbit operator Dunamu. - XRP Tundra accelerates its 2025 launch via institutional buyout, securing ecosystem funding and multi-exchange onboarding while maintaining $0.01 retail token pricing. - Three XRP spot ETFs, including Grayscale's November 24 debut, gain traction in traditional finance, with Bitwise's ETF attracting $107.6M in initial inflows. - Regulato
Bithumb, the leading cryptocurrency exchange in South Korea, is about to face significant regulatory consequences as the nation’s financial regulator prepares to levy substantial penalties for breaches of anti-money laundering (AML) and know-your-customer (KYC) rules. The Financial Intelligence Unit (FIU) has wrapped up a year-long round of on-site audits at major exchanges such as Bithumb, Coinone, Korbit, and GOPAX, and is now proceeding to the stage of issuing fines. This enforcement comes on the heels of a similar action against Dunamu, the company behind Upbit, which was hit with a $26 million fine in February for compliance failures. Industry observers expect Bithumb and other exchanges to receive penalties
During this period of regulatory upheaval, the wider cryptocurrency sector is experiencing a notable increase in institutional participation.
The XRP ecosystem is also making inroads into the traditional financial sector. Three spot XRP exchange-traded funds (ETFs) are expected to launch soon, with Grayscale and Franklin Templeton joining 21Shares in providing access to the token. According to Bloomberg analyst James Seyffart, Grayscale’s XRP ETF is slated to go live on November 24, while 21Shares’ TOXR ticker will be listed on the Cboe BZX exchange.
For market participants, the intersection of regulatory enforcement and growing institutional involvement brings both challenges and prospects. South Korea’s regulatory measures highlight the necessity of strict compliance in an industry where AML violations can result in severe consequences. At the same time, developments like XRP Tundra and the launch of new ETFs demonstrate the evolution of the crypto market, with institutional support and traditional financial products fostering broader acceptance. As the sector adapts to these changes, maintaining transparency and keeping pace with regulatory developments will be essential for enduring growth.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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