Yesterday CNBC falsely reported that Korean crypto exchanges were being banned by their government.
It followed a report from Reuters, which has been taken down.
The ‘fake news’ shook crypto markets, with Bitcoin plummeting from $15,000 to $13,000.
The markets have since recovered, after it was confirmed that the claim was false, with no Korean newspapers taking the story up.
One prominent Korean exchange insider took to twitter to clear things up:
The ‘ban’ is in fact old news repackaged. South Korea has planned to begin regulating cryptocurrency exchanges since last year. This will include ensuring exchanges are compliant with tax laws, and stopping anonymous crypto trading. This is in accordance with Know Your Customer legislation.
This event once more highlights the need to not rely on mainstream media to stay up to date with the crypto world.
Many crypto users sold at a loss in what is described as FUD (fear, uncertainty, doubt), allowing institutional investors amongst others to snap up cryptocurrencies on sale.