updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131South Korea’s Fair Trade Commission has launched an investigation on charges of power abuse in large entertainment firms such as SM Entertainment, YG Entertainment, and Hybe.
On Wednesday, July 5, the price of shares of K-pop agencies dipped briefly after South Korea’s antitrust watchdog initiated an investigation.
As per South Korea’s local news publication Yonhap News, the country’s Fair Trade Commission launched an investigation over allegations of power abuse in large entertainment agencies. The report notes that government agencies have sent “examiners” to the offices of SM Entertainment, YG Entertainment, and Hybe.
As per Yonhap, these companies allegedly violated the nation’s “subcontracting law” by using verbal contracts instead of written documents. Additionally, they have also been delaying payments while producing merchandise and albums.
Hybe, the company representing BTS, experienced a drop in its shares, with the value declining by as much as 3%. Similarly, SM Entertainment, another entertainment agency, saw its shares fall to a low of 2.19%. However, both companies managed to recover some of their losses by the midday break on Wednesday.
On the other hand, the shares of YG Entertainment, which manages the K-pop girl group Blackpink, had a smaller decrease of up to 1.49%, but later reversed its course and traded 2.23% higher. Note that the official developments aren’t yet confirmed.
K-pop, short for Korean popular music, is a type of music that started in South Korea and is now a significant part of its culture. It encompasses various styles and genres from different parts of the world, including pop, hip hop, R&B, rock, jazz, gospel, reggae, electronic dance, folk, country, disco, and classical, alongside its traditional Korean music influences. The term “K-pop” gained popularity in the 2000s, particularly in an international context.
The KPOP and Korean Entertainment ETF is an investment fund that consists of a portfolio of 30 stocks. These stocks primarily represent entertainment management companies that are responsible for managing popular K-pop bands. Some of the well-known bands included in this ETF are BTS, BlackPink, and Twice. The agencies associated with these bands are HYBE, YG Entertainment, and SM Entertainment.
Earlier this year, the K-pop group tripleS from South Korea released their newest album called “Assemble”, and it has received a lot of support from their dedicated community. This pop group is made up of 24 members, and their popularity in the world of K-pop is steadily growing.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
UK’s advertisement watchdog called Advertising Standards Authority (ASA) has banned two crypto advertisements from crypto.com. The two advertisements in question are in-app ads, i.e people who have searched for a crypto-related keyword might see it while using any other app. The first ad encouraged users to buy Bitcoin using credit cards and the second card advertised crypto interest rates.
The ASA shared five major concerns surrounding these advertisements and shared the same with Forisgfs UK Ltd—trading as Crypto.com. The major notion around all the five concerns was unclarity around the risk involved with the investment. The ASA showed special concern towards how crypto ads often leave out the key factor around the risks and volatility. The five concerns outlined by ASA include:
This would be the second crackdown by the UK watchdog on the crypto advertisement, earlier in 2021, the ASA has also taken exception to a Shiba Inu advertisement on London tube. However, misleading crypto advertisements have become a concern around the globe.
Last year India also saw a slew of court cases against crypto advertisements that were running during the last IPL cricket tournament. Delhi High Court had issued a notice to the government seeking formalized guidelines and proper disclaimer for these advertisements. Later, the Board of Control for Cricket in India also prohibited the League team from forming any new partnership with crypto platforms until clear regulations are set in place.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Binance’s legal woes took a new turn today just when things have started looking to improve for the world’s leading cryptocurrency exchange. The Monetary Authority of Singapore (MAS), Singapore’s Central Bank as well as the top financial regulator put Binance.com on its Investor Alert List. This list comprises names of companies or organizations that are unregulated and might be perceived as licensed by MAS.
The official website didn’t offer any further detail on the reason behind Binance’s inclusion on the list and just the website’s link was posted. The news also comes just within a week of the appointment of Richard Teng, the former chief regulatory officer of the Singapore Stock Exchange as the CEO of Binance Singapore. There were rumors of positive collaboration between the crypto exchange and state entities.
Interestingly, the local website of the crypto exchange Binance.sg is not on the investor alert list. A Binance spokesperson said that both websites are different and Binance.sg is solely focused on Singapore operations with an independent team. The spokesperson also clarified that Binance Singapore offers no services via Binance.com and explained,
“Binance Singapore has applied for a license with the Monetary Authority of Singapore. We currently operate under the relevant exemption granted by the MAS and are fully committed to working closely with the MAS to comply with all required standards for license approval,”
Binance Singapore has been offered an exemption to operate by the MAS as its license gets processed. As per the Payment Services Act, all crypto exchanges are required to obtain a license before offering their service with few exceptions.
Binance’s legal trouble began in June when the UK watchdog FCA issued a warning against the crypto exchange for operating without a license and since then nearly a dozen countries have issued similar non-compliance warnings. A few countries such as Thailand have gone ahead with criminal proceedings as well.
The CEO of the crypto exchange has maintained that they are fully committed to working with regulators and be compliant with local regulations in every country it operates. The exchange has also discontinued its crypto derivative offerings across Europe, South Korea, and Hong Kong in light of regulatory concerns.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
