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May 27, 2024
PI Global Investments

South Korea Warning on Investing in US Bitcoin ETFs Roils Stocks

South Korea sought to choke off a potential flood of speculative cash heading to US spot Bitcoin exchange-traded funds, stoking confusion and roiling a slew of stocks.

The Financial Services Commission, the country’s securities regulator, said Thursday that brokering such ETFs may violate the existing government stance on virtual assets and its capital markets law. Wizit Co. plunged as much as 13% and other crypto-relatedBloomberg Terminal stocks tumbled in early Friday trading.

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