Rare market volatility signal points to higher Bitcoin price in 6 to 12 months — Dan Tapiero
On April 7, the CBOE Volatility Index (VIX) posted a rare spike to 60, a level seen as a barometer of extreme market fear and uncertainty. According to Dan Tapiero, CEO of 10Tfund, the VIX has hit 60 only five times in the last 35 years, and data suggests a rebound for risk assets such as Bitcoin (BTC) in 6 to 12 months. CBOE Volatility Index. Source: Cointelegraph/TradingViewThe VIX, which is widely considered a “fear gauge,” reflects investor expectations of market turbulence based on S&P 500 options trading. As illustrated in the chart, extreme spikes were seen in 2008 and 2020, typically coinciding with market bottoms, where panic-driven sellers paved the way for generational market entries. In light of that, Tapiero argued that the current spike is no different, with the worst of market fears likely “priced in,” setting the stage for a positive future. Tapiero said that “odds favor better future.” Likewise, Julien Bittel, head of macro research at Global Macro Investor (GMI), supported Tapiero’s claim and said that tech stocks are at their most oversold since the COVID-19 crash, with over 55% of Nasdaq 100 stocks posting a 14-day RSI below 30. Such a market signal has occurred only during major crises like the 2008 Lehman Brothers collapse and the 2020 COVID-19 pandemic.American Association of Individual Investors survey. Source: X.comBittel explained that after the VIX touched 60 last week, it implied peak uncertainty, which breeds fear in investors’ minds. Briefly touching on the US Investors Intelligence Survey, Bittel compared the current bullish sentiment of 23.6% to the lowest reading since December 2008. Additionally, the American Association of Individual Investors (AAII) survey respondents are currently 62% bearish, reflecting the highest bearish reading since March 2009. Bittel said,“In other words, we’re back at the same levels of fear that marked the bottom of the equity market after the Global Financial Crisis.”This widespread fear, alongside a rare VIX spike, sets up for market entries in assets like Bitcoin, as the recovery of market liquidity will inevitably flow back into risk-on assets. Related: Saylor, ETF investors’ ‘stronger hands’ help stabilize Bitcoin — AnalystAnalyst warns Bitcoin VIX trends are bearishWhile macroeconomic experts highlighted the possibility of a bullish outcome for risk assets, markets analyst Tony Severino suggested that the Bitcoin/VIX ratio might also lead to a bear market. In a recent X post, Severino predicted that Bitcoin could have already peaked this cycle, but remained open about a possible change in opinion by the end of April. Bitcoin VIX analysis by Tony Severino. Source: X.comAs illustrated in the chart, Severino noted a sell signal at the beginning of January. The analyst used the Elliott Wave theory model to pinpoint the current bearish conditions and said that it is still early to say that Bitcoin will turn bullish based on the VIX correlation. Related: Bitcoin price volatility ‘imminent’ as speculators move 170K BTC — CryptoQuantThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
US prosecutors to pursue ex-SafeMoon CEO case despite DOJ memo
Federal prosecutors said they will continue pursuing their case against Braden John Karony, the former CEO of crypto firm SafeMoon, despite the US Justice Department issuing a memo suggesting a policy of abandoning “regulation by prosecution” related to digital assets.In an April 18 filing in the US District Court for the Eastern District of New York, US Attorney for EDNY John Durham said his office had reviewed the April 7 DOJ memo issued by Deputy Attorney General Todd Blanche and intended to proceed with a trial against Karony. The former SafeMoon CEO faces securities fraud conspiracy, wire fraud conspiracy, and money laundering conspiracy charges for allegedly “divert[ing] and misappropriat[ing] millions of dollars’ worth” of the platform’s SFM token between 2021 and 2022.April 18 notice that US prosecutors will continue to prosecute John Karony. Source: PACERKarony, initially indicted in October 2023 under former US Attorney for EDNY Breon Peace, argued in February that his criminal trial should be delayed, hinting that securities laws enforcement under the Donald Trump presidency could see “significant changes.” The judge denied the motion and later ordered jury selection for the trial to begin on May 5. However, Karony’s legal team made its claims about securities laws under Trump potentially undergoing “policy changes” before the Securities and Exchange Commission (SEC) dismissed cases and dropped investigations into many crypto firms facing allegations of violating securities laws. Blanche’s April 7 memo also suggested that the DOJ under Trump would direct jurisdictions not to pursue many crypto enforcement cases.Related: Democrats slam DOJ’s ‘grave mistake’ in disbanding crypto crime unit“[T]he parties may learn within days or hours of the commencement of trial that DOJ no longer considers digital assets like SafeMoon to be ‘securities’ under the securities laws,” said Karony’s legal team on Feb. 5. “Worse, the parties may learn this during or shortly after a trial, half of whose charges rest on the government’s claim that SafeMoon is such a security.”Crypto enforcement by the SEC and DOJ under TrumpSince being appointed acting SEC chair by Trump in January, Mark Uyeda has led the agency to drop cases against Ripple Labs, Coinbase, Kraken, and others. The SEC has also launched a crypto task force headed by Commissioner Hester Peirce to explore a regulatory framework for digital assets, and issued a memo saying memecoins were not securities. The agency’s actions suggest a more permissive approach to digital assets than that under former chair Gary Gensler.“By directing the SEC to abdicate its critical mission of investor protection, Mr. Trump is unnecessarily endangering our financial system,” said former SEC official John Reed Stark in an April 18 New York Times op-ed with Duke University lecturing fellow Lee Reiners. “Whether he is doing so to keep his promise to crypto-donors or in a zeal to cash in (or perhaps even both), that is a troubling development not just for investors and banks, but for all of us.”Whether Trump’s appointees in the Justice Department intend to step in and move to halt Karony’s case, as the DOJ did in the corruption case with New York City Mayor Eric Adams, is unclear. At the time of publication, the former SafeMoon CEO was set to go to trial in May and has been free on a $3 million bond since February 2024. He has pleaded not guilty to all charges.Magazine: SEC’s U-turn on crypto leaves key questions unanswered
Price predictions 4/18: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LEO, LINK, AVAX
Bitcoin (BTC) has been trading in a tight range for a few days, but a minor positive is that the bulls have kept the price above $83,000. Usually, a low volatility period is followed by a range expansion, but it is difficult to predict the direction of the breakout with certainty.Cryptocurrency analysts remain bullish on Bitcoin’s prospects because gold’s rally in 2017 and 2020 was followed by a sharp rise in Bitcoin’s price. Theya head of growth Joe Consorti said in a post on X that Bitcoin follows gold with a lag of roughly 100 to 150 days. If Bitcoin moves as per Consorti’s expectations, a new all-time high could be hit between Q3 and Q4 of 2025. On similar lines, trading and analytics account Cryptollica projected a medium-term target of $155,000 for Bitcoin.Crypto market data daily view. Source: Coin360Along with Bitcoin, analysts are also bullish on altcoins. Swiss bank Sygnum said in its Q2 2025 investment outlook that improved regulations for crypto use cases have prepared the ground for a strong altcoins rally in the second quarter, as “none of the positive developments have been priced in.”Could Bitcoin and the altcoins break above their respective overhead resistance levels and start a recovery? Let’s analyze the charts of the top 10 cryptocurrencies to find out.Bitcoin price analysisBitcoin has been trading between the 20-day exponential moving average ($83,463) and the 200-day simple moving average ($87,857), indicating a tough battle between the bulls and the bears.BTC/USDT daily chart. Source: Cointelegraph/TradingViewIf the 20-day EMA cracks, the selling could pick up, and the BTC/USDT pair may slide to $78,500 and then to $73,777. Buyers are expected to defend the $73,777 level with all their might because a break below it may signal the start of a downtrend.On the contrary, a break and close above the 200-day SMA indicates that the corrective phase may be over. The pair could climb to $95,000 and eventually to the psychologically critical level of $100,000.Ether price analysisEther (ETH) has been trading between the $1,368 support and the $1,754 resistance, indicating indecision between the bulls and the bears.ETH/USDT daily chart. Source: Cointelegraph/TradingViewThe downsloping moving averages and the RSI in the negative territory suggest a slight edge to the sellers. If the price slips below $1,471, the ETH/USDT pair could descend to $1,368. Buyers are expected to vigorously defend the $1,368 support because a break below it may sink the pair to $1,150.On the upside, the bulls are likely to face stiff resistance in the zone between the 20-day EMA ($1,676) and $1,754. A break and close above the resistance zone could propel the pair to the breakdown level of $2,111.XRP price analysisThe bears have failed to sink XRP (XRP) below the $2 support, suggesting a lack of selling pressure at lower levels.XRP/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls will try to start a recovery, which could reach the 50-day SMA ($2.23). This is an essential short-term level to keep an eye on because a break above it opens the doors for a rally to the resistance line. Buyers will have to push the price above the resistance line to signal a short-term trend change.Alternatively, a break below the $2 support tilts the advantage in favor of the bears. The XRP/USDT pair could then plunge to the $1.72 to $1.61 support zone.BNB price analysisBNB (BNB) has been trading just below the downtrend line, indicating that the bulls have held on to their positions as they anticipate a breakout.BNB/USDT daily chart. Source: Cointelegraph/TradingViewIf buyers propel the price above the downtrend line, the BNB/USDT pair could pick up momentum and rally to $644. Sellers will try to defend the $644 resistance, but the bulls are expected to buy the dips to the 20-day EMA ($588). If that happens, the likelihood of a rally to $680 increases.This optimistic view will be invalidated in the near term if the price turns down from the downtrend line and breaks below $566. That could keep the pair stuck inside the triangle for some more time.Solana price analysisSolana (SOL) rebounded off the 20-day EMA ($126) on April 16 and rose above the 50-day SMA ($130), indicating buying on dips.SOL/USDT daily chart. Source: Cointelegraph/TradingViewThe SOL/USDT pair could rise to the overhead resistance at $153, where the bears are expected to mount a stiff resistance. If buyers pierce the $153 level, the pair could surge toward $180.Buyers are expected to guard the zone between the 20-day EMA and $120. If the zone gives way, it suggests that the bears are active at higher levels. The pair could then descend to the $110 support.Dogecoin price analysisDogecoin (DOGE) has been trading between the 20-day EMA ($0.16) and the crucial support at $0.14 for the past few days.DOGE/USDT daily chart. Source: Cointelegraph/TradingViewThe flattening 20-day EMA and the positive divergence on the RSI suggest reduced selling pressure. Buyers will have to drive the price above the 50-day SMA ($0.17) to gain the upper hand. The DOGE/USDT pair could climb to $0.20, an essential level to watch out for as a break above it completes a double bottom pattern.Contrarily, a break and close below the $0.14 support signals the start of the next leg of the downtrend. The pair could then plummet to $0.10.Cardano price analysisBuyers have kept Cardano (ADA) above the $0.59 support but are struggling to push the price above the 20-day EMA ($0.63).ADA/USDT daily chart. Source: Cointelegraph/TradingViewIf the price turns down and breaks below $0.59, the ADA/USDT pair could slide toward the solid support at $0.50. This is an important level for the bulls to defend because a break below it signals the resumption of the downtrend. The next support on the downside is at $0.40.Buyers will be back in the driver’s seat on a break and close above the 50-day SMA ($0.70). The pair could then rally to $0.83.Related: Bitcoin price volatility ‘imminent’ as speculators move 170K BTC — CryptoQuantUNUS SED LEO price analysisUNUS SED LEO’s (LEO) failure to rise above the uptrend line may have tempted short-term buyers to book profits.LEO/USD daily chart. Source: Cointelegraph/TradingViewThe 20-day EMA ($9.34) has started to turn down gradually, and the RSI is in the negative zone, signaling a slight edge to the bears. If the price tumbles below the immediate support at $8.95, the LEO/USD pair could retest the vital level at $8.79. A break below $8.79 could sink the pair to $8.30.This negative view will be invalidated in the near term if the price rises above the 50-day SMA ($9.56). The pair could then retest the stiff overhead resistance at $9.90. Chainlink price analysisChainlink (LINK) has been trading below the 20-day EMA ($12.77), but the bears have failed to pull the price below $11.68, signaling a lack of sellers at lower levels.LINK/USDT daily chart. Source: Cointelegraph/TradingViewThe bulls will try to push the price above the moving averages. If they manage to do that, the LINK/USDT pair could rally to $16. Sellers will try to halt the rally at $16, but the pair could reach the resistance line if the bulls prevail.If sellers want to retain the advantage, they will have to sink the price below the $11.68 support. The pair could then decline to the support line of the descending channel, which is likely to attract buyers.Avalanche price analysisAvalanche (AVAX) has been trading near the moving averages, indicating a balance between supply and demand.AVAX/USDT daily chart. Source: Cointelegraph/TradingViewThe flattish 20-day EMA ($18.97) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. A break above the downtrend line could open the doors for a rally to the overhead resistance at $23.50. Buyers will have to overcome this barrier to start a new up move.On the downside, a break and close below $17.50 may sink the AVAX/USDT pair to $15.27. This is an essential level for the bulls to defend, as a break below $15.27 may signal the resumption of the downtrend.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Analysts brace for Bitcoin slide on gloomy US manufacturing data
Bitcoin’s spot price could take a hit after the US Federal Reserve reported some of the worst manufacturing data in recent history, according to several cryptocurrency analysts.On April 17, the Philadelphia Federal Reserve Manufacturing Index — a monthly survey of 250 US-based manufacturers — reported the sharpest declines in overall business activity since 2020. The data puts Bitcoin (BTC) “under short term pressure,” researchers at Bitunix, a crypto exchange, said in a post on the X platform. They added that Bitcoin could still see a “strong comeback” if its price holds above $83,000 per coin. As of April 18, Bitcoin has been trading at approximately $84,000 per coin, according to data from Google Finance. The Federal Reserve’s bearish report comes as factories brace for the impact of US President Donald Trump’s plans to impose sweeping tariffs on US imports, potentially raising production costs for manufacturers. “[I]ndicators for general activity, new orders, and shipments all fell and turned negative… suggest[ing] subdued expectations for growth over the next six months,” the report said. Source: Felix JauvinRelated: Trade tensions to speed institutional crypto adoption — ExecsBad omen for crypto?Analysts said the combination of rising prices and slowing production could deal a blow to financial markets, including cryptocurrencies. Rising prices limit central banks’ ability to support markets in a downturn. “Economic activity is falling off a cliff and any activity that remains, the prices are going up,” Felix Jauvin, a Blockworks macroeconomic analyst, said in a post on the X platform. It’s an “[a]bsolute worst scenario for policy makers here especially with no meaningful idea of how permanent tariffs will be,” he added.Six-month outlook for key manufacturing indicators. Source: Derek ThompsonHowever, Bitcoin has been more resilient to recent macroeconomic shocks than stocks or other cryptocurrencies, Binance said in an April research report. Since Trump announced his tariff plans on April 2, Bitcoin has traded roughly flat after initially declining but more than 10%, Google Finance data shows. Meanwhile, the S&P 500 — an index of US stocks — is still down by around 7%. “Even in the wake of recent tariff announcements, BTC has shown some signs of resilience, holding steady or rebounding on days when traditional risk assets faltered,” Binance said. Trump initially sought to impose double-digit levies on virtually all foreign goods but later paused planned tariffs on certain countries. He still wants to place high taxes on many Chinese imports, causing concerns among crypto executives who fear a trade war could harm blockchain networks. Magazine: Crypto ‘more taboo than OnlyFans,’ says Violetta Zironi, who sold song for 1 BTC
Mantra exposes crypto liquidity problems, and Coinbase is bearish: Finance Redefined
Crypto investor sentiment took another significant hit this week after Mantra’s OM token collapsed by over 90% within hours on Sunday, April 13, triggering knee-jerk comparisons to previous black swan events such as the Terra-Luna collapse.Elsewhere, Coinbase’s report for institutional investors added to concerns by highlighting that cryptocurrencies may be in a bear market until a recovery occurs in the third quarter of 2025.Mantra OM token crash exposes “critical” liquidity issues in cryptoMantra’s recent token collapse highlights an issue within the crypto industry of fluctuating weekend liquidity levels creating additional downside volatility, which may have exacerbated the token’s crash.The Mantra (OM) token’s price collapsed by over 90% on Sunday, April 13, from roughly $6.30 to below $0.50, triggering market manipulation allegations among disillusioned investors, Cointelegraph reported.While blockchain analysts are still piecing together the reasons behind the OM collapse, the event highlights some crucial issues for the crypto industry, according to Gracy Chen, CEO of the cryptocurrency exchange Bitget.“The OM token crash exposed several critical issues that we are seeing not just in OM, but also as an industry,” Chen said during Cointelegraph’s Chainreaction daily X show, adding:“When it’s a token that’s too concentrated, the wealth concentration and the very opaque governance, together with sudden exchange inflows and outflows, […] combined with the forced liquidation during very low liquidity hours in our industry, created the big drop off.”Source: CointelegraphContinue readingCrypto in a bear market, rebound likely in Q3 — CoinbaseA monthly market review by publicly traded US-based crypto exchange Coinbase shows that while the crypto market has contracted, it appears to be gearing up for a better quarter.According to Coinbase’s April 15 monthly outlook for institutional investors, the altcoin market cap shrank by 41% from its December 2024 highs of $1.6 trillion to $950 billion by mid-April. BTC Tools data shows that this metric touched a low of $906.9 billion on April 9 and stood at $976.9 billion at the time of writing.Venture capital funding to crypto projects has reportedly decreased by 50%–60% from 2021–22. In the report, Coinbase’s global head of research, David Duong, highlighted that a new crypto winter may be upon us.“Several converging signals may be pointing to the start of a new ‘crypto winter’ as some extreme negative sentiment has set in due to the onset of global tariffs and the potential for further escalations,” he said.Continue readingManta founder details attempted Zoom hack by Lazarus that used very real “legit faces”Manta Network co-founder Kenny Li said he was targeted by a sophisticated phishing attack on Zoom that used live recordings of familiar people in an attempt to lure him to download malware. The meeting seemed real with the impersonated person’s camera on, but the lack of sound and a suspicious prompt to download a script raised red flags, Li said in an April 17 X post.“I could see their legit faces. Everything looked very real. But I couldn’t hear them. It said my Zoom needs an update. But it asked me to download a script file. I immediately left.”Li then asked the impersonator to verify themselves over a Telegram call, however, they didn’t comply and proceeded to erase all messages and block him soon after.Source: Kenny LiLi said the North Korean state-backed Lazarus Group was behind the attack.The Manta Network co-founder managed to screenshot his conversation with the attacker before the messages were deleted, during which Li initially suggested moving the call over to Google Meet.Source: Kenny LiSpeaking with Cointelegraph, Li said he believed the live shots used in the video call were taken from past recordings of real team members.“It didn’t seem AI-generated. The quality looked like what a typical webcam quality looks like.”Continue readingAI tokens, memecoins dominate crypto narratives in Q1 2025: CoinGeckoThe cryptocurrency market is still recycling old narratives, with few new trends yet to emerge and replace the leading themes in the first quarter of 2025.Artificial intelligence tokens and memecoins were the dominant crypto narratives in the first quarter of 2025, accounting for 62.8% of investor interest, according to a quarterly research report by CoinGecko. AI tokens captured 35.7% of global investor interest, overtaking the 27.1% share of memecoins, which remained in second place.Out of the top 20 crypto narratives of the quarter, six were memecoin categories while five were AI-related.AI tokens, memecoins, were leading crypto narratives in Q1 2025: CoinGecko“Seems like we have yet to see another new narrative emerge and we are still following past quarters’ trends,” said Bobby Ong, the co-founder and chief operating officer of CoinGecko, in an April 17 X post. “I guess we are all tired from the same old trends repeating themselves.”Continue readingCrypto lending down 43% from 2021 highs, DeFi borrowing surges 959%The crypto lending market’s size remains significantly down from its $64 billion high, but decentralized finance (DeFi) borrowing has made a more than 900% recovery from bear market lows.Crypto lending enables borrowers to use their crypto holdings as collateral to obtain crypto or fiat loans, while lenders can use their holdings to generate interest.The crypto lending market was down over 43%, from its all-time high of $64.4 billion in 2021 to $36.5 billion at the end of the fourth quarter of 2024, according to a Galaxy Digital research report published on April 14.“The decline can be attributed to the decimation of lenders on the supply side and funds, individuals, and corporate entities on the demand side,” according to Zack Pokorny, research associate at Galaxy Digital.Crypto lending key events. Source: Galaxy ResearchThe decline in the crypto lending market started in 2022 when centralized finance (CeFi) lenders Genesis, Celsius Network, BlockFi and Voyager filed for bankruptcy within two years as crypto valuations fell.Their collective downfall led to an estimated 78% collapse in the size of the lending market, with CeFi lending losing 82% of its open borrows, according to the report.Continue readingDeFi market overviewAccording to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.Decentralized exchange (DEX) Raydium’s (RAY) token rose over 26% as the week’s biggest gainer, followed by the AB blockchain (AB) utility token, up over 19% on the weekly chart.Total value locked in DeFi. Source: DefiLlamaThanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
Promax to Host an Exclusive Banquet in Abu Dhabi, Convening Global Leaders in Web3 and Finance
The Private Office of His Highness Shaikh Abdullah Bin Rashed Al Sharqi
Abu Dhabi, UAE — On April 28th, 2025, on behalf of Promax Holding LLC – one of the companies owned by His Royal Highness Sheikh Hamdan Bin Mohamed Al Nahyan.
Under the Honorary Sponsorship of the private office of His Royal Highness Sheikh Abdulla Al Sharqi, Promax will host an exclusive “Royal Token Banquet” at the Emirates Palace in Abu Dhabi.
The prestigious evening will gather an elite circle of guests, including executives from top Web3 exchanges, leading venture capital firms, prominent dignitaries, and global luminaries in innovation and finance.
Held under the presence of His Excellency Louai Mohamed Ali the President of Promax Group and His Excellency Dr Mohamed Al Ahdaly the CEO of the group, the banquet will begin promptly at 6:00 PM.
It is set to be a landmark event, facilitating high-level discourse on the future of technology and the unveiling of a transformative initiative in the Web3 space.
This closed-door gathering marks a significant moment for Promax as it seeks to foster collaboration among those driving the frontier of decentralized technologies, finance, and global innovation.
Media Contact:
Promax United Investments LLC
South Korean crypto emerges from failed coup into crackdown season
South Korea kicked off 2025 with political chaos, regulatory heat and a crypto market finally brought to heel — or at least forced to grow up.The nation closed 2024 in disarray following then-President Yoon Suk Yeol’s botched martial law stunt in December.In the aftermath, authorities spent the first quarter drawing lines in the sand as financial watchdogs slapped cryptocurrency exchanges with probes and lifted the ban on corporate trading accounts. Meanwhile, crypto adoption hit record highs as trading volume cooled.Here’s a breakdown of the key developments that shaped South Korea’s crypto sector in Q1 of 2025.South Korea’s economy limped into 2025 as local currency tanked. Source: Ki Young JuSouth Korean crypto traders given yet another two-year tax exemptionJan. 1 — Crypto tax postponedA planned 20% capital gains tax on crypto did not take effect on Jan. 1 after lawmakers agreed to delay it until 2027. This was the third postponement: first from 2022 to 2023, then again to 2025.Related: Crypto’s debanking problem persists despite new regulations The latest delay, reached through bipartisan consensus in late 2024, came amid mounting economic uncertainty and political turmoil. Lawmakers cited fears of investor flight to offshore exchanges, challenges in tracking wallet-based profits, and shifting national priorities in the wake of Yoon’s failed martial law stunt and subsequent impeachment.Jan. 14 — Warning against North Korean crypto hackersThe US, Japan and South Korea published a joint statement on North Korean crypto hacks. Crypto firms were warned to guard against malware and fake IT freelancers. Lazarus Group, the state-sponsored cyber threat group, was named as a prime suspect in some of the top hacks in 2024, such as the $230-million hack on India’s WazirX and the $50-million hack against Upbit, South Korea’s largest crypto exchange.At least $1.34 billion of crypto stolen in 2024 has been attributed to North Korea. Source: ChainalysisJan. 15 — Companies wait on the sidelines for crypto greenlightSouth Korea’s Virtual Asset Committee, a crypto policy coordination body under the Financial Services Commission (FSC), held its second meeting. The FSC was widely expected to approve corporate access to trading accounts on local exchanges. Despite popular demand, the FSC held off on making an official decision, citing the need for further review.Instead, the FSC announced investor protections against price manipulation and stricter stablecoin oversight.Jan. 16 — First enforcement of crypto market manipulationSouth Korean authorities indicted a trader in the first pump-and-dump prosecution under the Virtual Asset User Protection Act, the new crypto law effective from July 2024.Meanwhile, Upbit received a suspension notice for allegedly violating Know Your Customer (KYC) requirements in over 500,000 instances, prompting regulators to consider a ban on new user registrations.Jan. 23 — Upbit, Bithumb compensate users after service outages during martial lawUpbit and rival exchange Bithumb announced plans to compensate users following service disruptions triggered by the surprise declaration of nationwide martial law on Dec. 3, 2024. The shocking move caused panic across financial and crypto markets, leading to a surge in traffic that overwhelmed local trading platforms.Ex-President Yoon took his shot at martial law, which backfired and shaped South Korea’s 2025. Source: Kang Min Seok, Presidential Security Service South Korean crypto world finally opened to corporationsFeb. 13 — Charities and universities get first dibs on corporate crypto accessThe FSC unveiled its long-awaited plan to allow corporate entities to open crypto trading accounts in phases by late 2025. The rollout will require businesses to use “real-name” accounts and comply with KYC and Anti-Money Laundering (AML) regulations. Charities and universities are first in line and will be allowed to sell their crypto donations starting in the first half of the year.South Korea’s real-name financial transaction system, introduced in 1993, was designed to combat tax evasion and money laundering by requiring all bank accounts to be opened under verified legal names using national IDs.Related: Market maker deals are quietly killing crypto projectsCrypto trading exploded in 2017, driven in part by anonymous accounts from businesses, foreigners and minors. Financial authorities responded by requiring crypto exchanges to partner with domestic banks and offer fiat services only through verified real-name accounts. To date, only five exchanges have met the requirements.Since there was no regulatory framework for real-name corporate accounts, this policy effectively shut out both overseas users and domestic companies from trading on South Korean exchanges. The new roadmap aims to fix that by creating a formal structure for institutional participation under tighter compliance standards.Feb. 21 — Alleged serial fraudster busted againPolice rearrested “Jon Bur Kim,” identified by the surname Park, for allegedly profiting 68 billion won (approximately $48 million) in a crypto scam involving the token Artube (ATT). He allegedly employed false advertising, pump-and-dump tactics and wash trading to manipulate the market.This wasn’t Park’s first brush with the law. He was previously indicted in a 14-billion-won (around $10 million) token fraud case and was out on bail when he launched ATT.Park flashes supercars on social media. Source: Jon Bur KimFeb. 25 — Upbit operator Dunamu gets slappedThe nation’s Financial Intelligence Unit (FIU) formally notified Dunamu, operator of Upbit, of regulatory action. The sanctions were tied to KYC compliance failures and dealings with unregistered foreign exchanges. The FIU issued a partial business suspension, restricting Upbit from processing new customers’ deposits and withdrawals for three months.Feb. 27 — Crypto crime force formalizedSouth Korean prosecutors formally launched the Virtual Asset Crime Joint Investigation Division, following a year and seven months as a temporary operation. As a non-permanent unit from July 2023, the task force indicted 74 individuals, secured 25 arrests, and recovered over 700 billion won (around $490 million) in illicit gains. The 30-person task force includes prosecutors, regulatory staff and specialists.Feb. 28 — Upbit operator Dunamu files lawsuit to overturn business sanctionsDunamu said it filed a lawsuit against the FIU to challenge the sanctions imposed on the exchange.Bitcoin ETF next on checklist for South Korean crypto spaceMarch 5 — Reconsidering Bitcoin ETF banThe FSC started reviewing legal pathways to allow Bitcoin (BTC) spot exchange-traded funds (ETFs), citing Japan’s evolving regulatory approach as a potential model. This marks a notable shift from South Korea’s previous opposition to crypto-based ETFs.The Capital Markets Act does not recognize cryptocurrencies as eligible underlying assets for ETFs. However, in 2024, lobbying efforts from major domestic brokerages intensified amid rising client demand, especially after spot Bitcoin ETFs were approved in the US.While the review remains in its early stages, regulators are no longer dismissing the possibility outright.March 21 — Crackdown on unregistered exchanges beginsThe FIU compiled a list of illegal foreign exchanges and moved to block access via app stores and ISPs. Additionally, the agency warned of criminal penalties for trading platforms operating without a license.March 26 — 17 exchange apps blocked (including KuCoin and MEXC)Google Play removed 17 unlicensed crypto exchange apps in South Korea at the request of regulators. The FIU said it is also working with Apple to block unauthorized crypto platforms.There are 22 unregistered overseas exchanges on the regulators’ radar, and 17 have been banned from the Google Play store. Source: FSCMarch 27 — Upbit scores three-month breakA South Korean court temporarily lifted the Feb. 25 partial business suspension imposed on crypto exchange Upbit by the FIU. The court’s decision allows Upbit to resume serving new users while the case is under review.South Korean crypto expected to go from crackdown in Q1 to campaign trail in Q2As March ended, more than 16 million investors — roughly a third of South Korea’s population — held crypto accounts, surpassing the 14.1 million domestic stock traders. But that surge in adoption came as trading activity cooled. Upbit, the country’s dominant exchange, saw volumes fall by 34%, dropping from $561.9 billion in Q4 2024 to $371 billion in Q1 2025, according to CoinGecko.By mid-April, the crackdown was still gaining steam. Apple followed Google’s lead in removing offshore exchange apps from its store, while prosecutors filed yet another round of market manipulation charges.South Korea’s crypto industry is now contending with tighter rules, rising institutional expectations and a government no longer content to watch from the sidelines.All this unfolds ahead of an early presidential election in June, following Yoon’s impeachment. Crypto played a visible role in Yoon’s successful 2022 presidential election campaign and is expected to remain a key issue with voters. One candidate in the upcoming election, former prosecutor Hong Joon-pyo of the People Power Party, recently pledged to overhaul crypto regulations in line with the pro-industry stance of the Trump administration, local media reported. Despite the pledge, Hong’s understanding of the technology came into question as he admitted to not knowing what a central bank digital currency is.Magazine: Uni students crypto ‘grooming’ scandal, 67K scammed by fake women: Asia Express
Oregon targets Coinbase after SEC drops its federal lawsuit
Oregon Attorney General Dan Rayfield is planning a lawsuit against crypto exchange Coinbase, alleging the company is selling unregistered securities to residents of the US state, after the United States Securities and Exchange Commission’s (SEC) dropped its federal case against the exchange. According to Coinbase’s chief legal officer, Paul Grewal, the lawsuit is an exact “copycat case” of SEC’s 2023 lawsuit against the exchange, which the federal agency agreed to drop in February. Grewal added:”In case you think I’m jumping to conclusions, the attorney general’s office made it clear to us that they are literally picking up where the Gary Gensler SEC left off — seriously. This is exactly the opposite of what Americans should be focused on right now.”The lawsuit signals that the crypto industry still faces regulatory hurdles and pushback at the state level, even after securing several legal victories on the federal level. Pushback from state regulators could fragment crypto regulations in the US and complicate cohesive national policy.Source: Paul GrewalRelated: Coinbase distances Base from highly criticized memecoin that dumped $15MSeveral US states drop lawsuits against Coinbase following SEC movesThe SEC reversed its stance on cryptocurrencies following the resignation of former chairman Gary Gensler in January.Gensler’s exit triggered a wave of dropped lawsuits, enforcement actions and investigations against crypto firms, including Coinbase, Uniswap, and Kraken.Several US states followed the SEC’s lead and also dropped their lawsuits against Coinbase in the first quarter of this year.Vermont, one of the 10 US states that filed litigation against the exchange, dropped its lawsuit on March 13.Vermont drops legal action against Coinbase. Source: State of VermontThe legal order specifically cited the SEC’s regulatory pivot and the establishment of a crypto task force by the agency as reasons for dropping the lawsuit.South Carolina dismissed its lawsuit against Coinbase two weeks after Vermont rescinded its litigation against the exchange giant.Kentucky’s Department of Financial Institutions became the third state-level regulator to dismiss its Coinbase lawsuit, ending the litigation on March 26.Despite the legal victory, Coinbase’s Grewal called on the federal government to end the state-by-state approach of crypto regulation and focus on passing clear market structure policies at the federal level.Magazine: SEC’s U-turn on crypto leaves key questions unanswered