On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Upbit is one of South Korea’s largest cryptocurrency exchanges alongside Bithumb, Coinone and Korbit — who are collectively referred to as “The Big Four.”
Major South Korean cryptocurrency company Upbit has reportedly submitted a business report with the Korean Financial Intelligence Unit (FIU).
Upbit reported its digital asset business to the FIU, which operates under South Korea’s top financial regulator, the Financial Services Commission (FSC). Upbit’s operator, Dunamu, announced the news on Friday, The Korea Economic Daily reported.
Upbit is one of South Korea’s largest cryptocurrency exchanges alongside Bithumb, Coinone and Korbit, and reportedly makes up more than 80% of the local cryptocurrency market. FSC vice chairman Doh Gyu-sang said that the authority will be ready to accept more reports from the most popular South Korean exchanges in the near future. The official said that the FSC expects one or two more crypto exchanges to have filed reports by the end of August.
The FSC did not immediately respond to Cointelegraph’s request for comment.
South Korean authorities have required all local crypto trading platforms to register their businesses as digital asset service providers before Sept. 24 or face an outright ban on operations in the country. In order to register with the FIU, exchanges need to establish a banking partner and report real-name bank accounts for all their clients. As previously reported, Upbit has set up real-name account verification with local internet bank K Bank.
Related: Binance halts KRW pairs amid tightening crypto exchange regulations in Korea
As South Korean financial authorities continue focusing on bigger crypto exchanges in terms of registration, smaller crypto trading platforms are apparently struggling to comply with local requirements. A number of smaller South Korean crypto exchanges such as Bitsonic and CPDAX announced temporary suspensions or entire service termination over the past few months.
An FSC representative told Cointelegraph in early August that the authority was not looking to close down smaller exchanges but rather was looking to freeze the use of fraudulent collective accounts, or borrowed-name accounts, on the platforms.
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