XRP currently ranks fourth on Coin Market Cap with a market cap of over $61.1 billion. It is trading at around $1.35 at the time of writing.

The lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple has been ongoing since December 2020. At the time, the SEC has charged Ripple with an illegal securities offering of XRP worth $1.3 billion.  

Last week, Ripple had another small win when the judge allowed the company to look into the SEC’s internal communications, searching for information on what defines cryptocurrency as a security. Also last week, a petition to Gary Gensler, the SEC’s Chairman-Designate, was started asking to end the lawsuit against Ripple.

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According to CoinJournal, crypto exchanges must comply with anti-money laundering standards to avoid penalties. Those standards will come into effect on April 20. Otherwise, providers could expect penalties between 30 million won (around $26,000) and 100 million won (around $88,000), the source says.

To prevent money laundering, the government will require all crypto exchanges to cooperate with banks. This is to ensure that clients trade using accounts under their real names, writes Cointelegraph. However, meeting the new compliance regulations could be very costly. In addition, using the services of third parties could cause privacy concerns.

Following the introduction of the new regulations, which took effect today, March 25, crypto exchange OKEx decided to discontinue its operations in South Korea. According to Forkast News, its users must withdraw their funds from the exchange by April 7 to prevent themselves from losing their holdings.  

Earlier this month, the National Tax Service (NTS) caught 2,416 individuals who were evading paying taxes by hiding their income in cryptocurrency. The total earnings not reported reached over 36 billion won (more than $32 million).

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