Coinone plans crypto sale, first among top five South Korean exchanges

South Korean crypto exchange Coinone said in a notice on its website that it plans to sell around 4.1 billion won ($2.95 million) worth of crypto holdings, based on July 31 closing prices, to help cover operating expenses such as payroll. The assets up for sale include 10 BTC, 300 ETH, 200,000 XRP and 40,000 ADA. In June, regulators in South Korea began allowing crypto exchanges and nonprofit entities to sell their own crypto holdings, but only under limited conditions, such as paying taxes, covering operating costs like payroll or addressing clear risks of default on legal obligations. Coinone is the first among the country’s top five exchanges to move forward with such a sale.