Hi
This is BORA Team.
Recently, many issues such as the ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION and the Korean cryptocurrency exchange’s investment warnings have been published, and new information is continuously being uploaded to the community.
However, there is misinformation related to BORA in this situation, so we are posting this public notice to correct it.
First of all, it is stipulated that “In order to prevent the virtual asset business operator from engaging in illegal acts such as manipulating the market price of virtual assets, the virtual asset business operator shall not handle the virtual assets issued by itself or any person who have a special relationship with itself” in the main contents of the revision draft of the ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION.
Regarding the above mentioned contents, there is a rumor about delisting referring to the special relationship between BORA and the Korean cryptocurrency exchange, so we’d like to explain this.
Since Kakao, to which Way2Bit is an affiliate, does not fall under a special relationship with Korean cryptocurrency exchanges such as Upbit and Bithumb in accordance with the laws and regulations, BORA, in which Way2Bit holds a stake, will not be delisted due to a special relationship with the Korean cryptocurrency exchange.
In addition, we will promptly respond to any need to improve or explain in accordance with the ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION, if any.
So, I hope you don’t get anxious about the rumors and online articles that mention BORA’s delisting with inaccurate information.
Considering the current situation, we will also share information related to listing on the Korean cryptocurrency exchange through our official channel as soon as possible, so please keep checking the correct information through our official channel.
Please refer to the below-attached contents (the Article 34, Paragraph 4 of the Enforcement Decree of the Commercial Act) in which you can check the meaning of the person who have a special relationship.
Thank you
BORA Team
<the Article 34, Paragraph 4 of the Enforcement Decree of the Commercial Act>
(4) “Persons who have a special relationship with the shareholder as prescribed by Presidential Decree” in Article 542–8 (2) 5 of the Act means the following persons (hereinafter referred to as “specially related persons”):
1. Persons who fall under any of the following categories, if the shareholder is a private individual:
(a) Spouse (including a person who has a de facto marital relationship);
(b)Blood relatives in the sixth or closer degree;
© Marriage relatives in the fourth or closer degree;
(d)A corporation or organization and directors, executive officers and auditors thereof, where the shareholder, alone or jointly with the persons specified in items (a) through © above, has invested at least 30/100 of the equity capital of such corporation or organization or has de facto control over important matters in the management of the corporation or organization, including appointment and dismissal of directors, executive officers, and auditors;
(e) A corporation or organization and directors, executive officers and auditors thereof, where the shareholder, alone or jointly with the persons specified in items (a) through (d) above, has invested at least 30/100 of the equity capital of such corporation or organization, or has de facto control over important matters in the management of the corporation or organization, including appointment and dismissal of directors, executive officers, and auditors;
2. The following persons, if the shareholder is a corporation or organization:
(a) Directors, executive officers, and auditors;
(b)Affiliated companies and directors, executive officers and auditors thereof;
© A private individual who, alone or jointly with the persons specified in the items of subparagraph 1, has invested at least 30/100 of the equity capital of the shareholder or has de facto control over important matters in the management of the shareholder, including appointment and dismissal of directors, executive officers and auditors of the shareholder; persons or organizations in a relationship specified in the items of subparagraph 1 (excluding their affiliated companies; the same shall apply hereafter in this subparagraph) with the private individual; and directors, executive officers and auditors of such persons or organizations;
(d)An organization and directors, executive officers and auditors thereof, where the shareholder, alone or jointly with the persons specified in items (a) through © above, has invested at least 30/100 of the equity capital of such organization or has de facto control over important matters in the management of the organization, including appointment and dismissal of directors, executive officers, and auditors.
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