South Korean financial authorities express concern about leveraged lending services offered by cryptocurrency exchanges
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最新报道：According to Yonhap News Agency on July 30, South Korea's Financial Services Commission and Financial Supervisory Service summoned executives from five virtual asset exchanges on July 25 to express concerns about the recently launched cryptocurrency lending services of Upbit and Bithumb. They cited legal issues, insufficient user protection, and the potential impact of leveraged investments on the financial stability of the operators. Previously, Bithumb launched a service on the 4th offering up to 4x leverage on 10 cryptocurrencies, collateralized by assets or the Korean won. Upbit also launched a service on the same day, offering loans of up to 80.00% on three cryptocurrencies. These services, which allow investors to employ short-selling strategies, particularly Bithumb's 4x leverage, raised concerns about insufficient user protection. Currently, leveraged ETFs in South Korea only offer a maximum of 2x leverage. Following the meeting, Upbit suspended its USDT lending service on the 28th, and Bithumb adjusted its lending service on the 29th, temporarily suspending new applications due to limited quotas. In light of the ongoing controversy, financial authorities have decided to set up a task force with the industry to develop self-regulatory rules.
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