As cryptocurrencies traded mixed, regulation and access took center stage. Bitcoin prices traded in a narrow range near $10,000 -- here are the top stories in crypto news on Wednesday, Jan. 31.
South Korea on bans
South Korea has no plans to ban cryptocurrency trading exchanges in the country, said Finance Minister Kim Dong-yeon, according to Reuters. South Korea will seek to regulate exchanges, but Kim specifically said, "There is no intention to ban or suppress cryptocurrency." The comments came after the ministry uncovered an illegal cryptocurrency foreign exchange trade worth $600 million Wednesday. Seoul had earlier suggested it would consider shutting down digital asset exchanges, a move that contributed to a broad selloff in cryptocurrencies the last two weeks.
Facebook bans ICO ads
Facebook Inc. (FB) said late Tuesday it plans to ban advertisements for cryptocurrencies, initial coin offerings and binary options. The company described the policy as "intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram."
Kodak's coin delayed
Eastman Kodak Co. (KODK) announced that the release of its KODAKCoin has been delayed several weeks due to an extended verification process for early investors. The ICO for KODAKCoin was set to take place Jan. 31 following a presale in which 8 million KODAKCoins were sold. "With over 40,000 potential investors expressing an interest in the ICO on www.KODAKCoin.com, we are now moving into the 'accredited investor' verification phase," Kodak said on its site.
Square expands Cash App bitcoin
Square Inc. (SQ) will now allow most users of its Cash App to buy and sell bitcoin after initially testing the capability with a limited group in 2017. "We support bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step," said square chief Jack Dorsey on Twitter Inc. (TWTR) , which he also runs. Bitcoin access on Cash App is still not available in Georgia, Hawaii, New York and Wyoming because of state regulation.
Instant buying (and selling, if you don't want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.
We also made this! https://t.co/z3u0liDNk4— jack (@jack) January 31, 2018
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