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Cryptocurrencies drop as South Korea bans new coin offerings, margin trading
By Yuji Nakamura and Sam Kim
Friday, September 29, 2017
Ethereum and bitcoin dropped after South Korea banned domestic initial coin offerings and margin trading in cryptocurrencies.
The Financial Services Commission in Seoul said all forms of ICOs are prohibited in the country, including projects that share profits, rights, dividends, and other "coin-style" offerings, according to a statement. The commission also banned the practice of loaning funds to trade currencies including bitcoin and ethereum, according to an official who clarified the statement. Ethereum fell about 6 percent.
It's the second major blow to cryptocurrencies this month, after China similarly banned ICOs and later all cryptocurrency trading. ...
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