TechFlow, July 30 — According to Yonhap News Agency, South Korea's financial regulator recently summoned five virtual asset exchanges, including Upbit and Bithumb, expressing strong concerns over their newly launched cryptocurrency lending services. The regulator pointed out legal uncertainties surrounding these services and insufficient user protection measures, particularly highlighting risks associated with up to 4x leverage investing. In response, Upbit has suspended its Tether lending service, while Bithumb stated it currently has no plans for adjustments. The financial authorities will establish a working group with the industry to develop self-regulatory rules before relevant legislation is finalized.
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