South Korea’s Zeniex Exchange to Shut Down After Less Than 6 Months
The Exchange, published in May, published that it will close all activities on November 23. Jenx blamed the development of the problem facing its ZXG token.
"... With recent issues related to ZXX, we have gone through extensive discussions both internally and externally," said a statement from the exchange. "As a result, we have come to the conclusion that it would be difficult to continue to operate such services."
Recall or loss
Already the ZXG token trading ended on 9th November. According to a second notice of Generics, the token holder will receive compensation in the etherium from 12 November. For all other cryptocory assets, users have been requested to retract their services before canceling them.
In joint venture with Chinese and South Korean companies, Jenox launched South Korea's first Cryptocurrence Fund, ZXG Crypto Fund 1, and this issue seems to be essentially. Last month, the South Korean Financial Supervisory Service (FSS) and the Financial Services Commission (FSC) asked investors to beware of virtual currency funding that the capital markets act protection of such assets does not apply to protection.
According to Business Korea, Gencox's crypto fund was not registered with FSS and the financial investment guidelines of the fund regulatory fund were not monitored. The laws for the South Korean Capital Markets Act were violated in order to register all funds with FSS. Funds collected from ordinary investors also need to file a securities report.
Controller violation
In addition, FSC did not approve the trustee, sales company or management company. According to the law, the responsibility of regulators to get financial approval for the responsibility of selling investment managers as well as to the investors in charge of managing the investment manager. And for the protection of investors, the minimum capital requirements must be met and the regulation as to avoid the conflict.
South Korea's Cryptoconce Sector environment has become somewhat hostile in the recent past. As the CCN published in October, the South Korean government pledged to certify cryptocrowns and blockchain companies, since initiatives deny the benefits and financial stimulus given to start-ups such as tax breaks.
https://twitter.com/CryptoCoinsNews/status/1047402533692612608
Instead, cryptocurrency and blockchain startups were combined with entertainment, gambling and bar art. As a result, the invention of the Korean Bar Association has invited the establishment of a legal framework for directing the Blockchain and the Cryptoculture Sector to protect the investors.
"We call upon the government to refrain from negative perception and dilemma and raise bills to help in the development of the art of blockchain and to help prevent side-effects associated with cryptocryan." South Korea has been quoted as the president of the Organization for Legal Practitioners in Kim Huen. Saying time.
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