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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/south-korean-brokerages-suspend-spot-bitcoin-etf-transactions/" data-wpel-link="internal">South Korean Brokerages Suspend Spot Bitcoin ETF Transactions</a> 
The U.S. Securities and Exchange Commission’s (SEC) green light for 11 spot <a href="https://en.coin-turk.com/parabolic-rally-after-the-block-reward-halving-is-inevitable/" data-wpel-link="internal">Bitcoin</a> ETFs on January 10th led to precautionary measures by South Korean brokerages. Following a warning from the country’s <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">financial</a> regulator, some South Korean brokerage firms, including Samsung Securities and Mirae Asset, suspended transactions for foreign spot Bitcoin ETFs. 
<h2 style="text-align: justify" id="strong-spot-bitcoin-etf-transactions-halted-strong">Spot Bitcoin ETF Transactions Halted</h2> 
In South Korea, several major securities companies have suspended brokerage services for foreign spot Bitcoin ETFs, including those in Canada and Germany, as a preventive measure following the financial watchdog’s advisory notice. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-301508" src="https://coin-turk.com/wp-content/uploads/2024/01/SEC-Spot-Bitcoin-ETF-Guney-Kore.jpeg" alt="" width="1280" height="720"> 
The Financial Services Commission of South Korea (FSC) responded to the SEC’s approval of spot Bitcoin ETFs by stating that “Brokerage of spot Bitcoin ETFs traded on foreign exchanges by local securities companies could violate the government’s virtual assets and capital market laws.” 
According to the local news source Dailian, the list of companies suspending foreign spot Bitcoin ETF transactions includes Samsung Group’s securities arm Samsung Securities and Mirae Asset Securities. Samsung Securities managed assets worth approximately $220 billion at the end of 2022, while Mirae had about $215 billion in assets under management as of June 2023. 
Mirae Asset Securities confirmed to The Block today that, along with several other companies, it has suspended new transactions for the foreign spot Bitcoin ETFs offered on its platform. A Mirae spokesperson cited the FSC’s announcement as the main reason for the suspension and added that local brokerages are concerned that trading foreign spot Bitcoin ETFs could be interpreted as illegal. 
<h2 style="text-align: justify" id="strong-trading-of-foreign-bitcoin-futures-etfs-continues-strong">Trading of Foreign Bitcoin Futures ETFs Continues</h2> 
The FSC’s warning did not mention foreign Bitcoin futures ETF transactions, which are still ongoing. Brokerages in the country are facilitating Bitcoin futures ETF trading. A Mirae Asset Securities spokesperson confirmed this, saying “There is no suspension of Bitcoin futures ETFs.” 
Meanwhile, the cumulative volume of spot Bitcoin ETFs listed on the exchange on January 11th surpassed $4 billion. Data shows that the cumulative trading volume of all spot Bitcoin ETFs reached $4.6 billion by the end of the first trading day, meeting experts’ expectations. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/south-korean-brokerages-suspend-spot-bitcoin-etf-transactions/" data-wpel-link="internal">South Korean Brokerages Suspend Spot Bitcoin ETF Transactions</a></h5>

South Korean Brokerages Suspend Spot Bitcoin ETF Transactions

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