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Finance

Digital asset cross-industry ties spread as top 4 financial groups post 11 trillion won profit era

Big Tech, financial firms and payment companies in South Korea are widening digital-asset initiatives by teaming up with global blockchain companies. Kakao Group and Toss and Toss Bank are working with Circle to review stablecoin-based payment and settlement infrastructure and tokenised financial services. Banks are developing cross-border remittance and payment models. Separately, the top four financial holding groups posted combined first-half net profit above 11 trillion won, while regulators step up group-level oversight of fintech expansion.

Crypto

BitMart to wind down crypto exchange after 9 years, to end operations in January 2027

BitMart will end operations of its global cryptocurrency exchange after 9 years, with full shutdown set for Jan. 31, 2027 at 1559 UTC. Trading is being restricted in phases, including halts to new account openings, deposits and new spot and futures orders. Automated services will also be wound down. Users will still be able to log in for a period after operations stop to review records and request withdrawals, but enhanced checks may apply.

Crypto

Russian state bank Sberbank steps up crypto trading infrastructure, aims for Dec. 1

Russia\'s largest bank Sberbank plans to build cryptocurrency trading infrastructure by Dec. 1, including a digital depository for recording ownership and processing most transactions off the main blockchain. It also plans to operate active wallets for deposits, withdrawals and transfers. The move comes as Russia advances a comprehensive legal framework for crypto markets, setting supervision by the central bank, eligibility thresholds and regulated participant categories. The EU and Britain have tightened sanctions, including on exchange HTX.