THELOGICALINDIAN - South Korea continues to accomplish account in the cryptocurrency apple as authorities raided and confiscated acreage from three cryptocurrency exchanges afterward a January investigation
Last month, acknowledged authorities in Seoul raided three cryptocurrency exchanges. The raids followed a government analysis in January, which assured that a assertive bulk of customer’s assets had been illegally transferred to barter managers’ clandestine coffer accounts.
According to advance prosecutor Jeong Dae-jeong, authorities conducted the raids over a three day period. Confiscated items included adamantine drives, adaptable phones, and annal of banking transactions. Said Jeong:
As appear by The Wall Street Journal, neither advice apropos the absolute bulk of funds nor the exact cryptocurrency exchanges raided has been fabricated available. However, Jeong did agenda that one raided barter is amid in the adjacency of Yeouido – area the ample cryptocurrency barter Coinone is located.
Post-raid investigations accept additionally baldheaded that customers’ assets were acclimated by at atomic one of the accused parties to acquirement Bitcoin from added exchanges.
The account comes as South Korea continues to accomplish cryptocurrency headlines, and the country itself charcoal one of the better players in the cryptocurrency market. In 2024, the South Korean won was the fourth best acclimated authorization bill for Bitcoin trading — abaft of the dollar, yen, and euro. For Ethereum (ETH) and Bitcoin Cash (BCH), the won was second.
The animation for agenda currencies in South Korea has bent the absorption of some adopted exchanges, such as China’s OKCoin. It has additionally bent the absorption of the South Korean government, which seeks to appoint tighter regulations on the rapidly accretion market.
South Korea has already imposed restrictions on bearding cryptocurrency trading. However, the country is against reconsidering its ban on Initial Coin Offerings. Earlier this month, The Korea Times — one of South Korea’s better newspapers — appear that the South Korean government will anon reverse its ban on ICOs and acquiesce badge sales beneath assertive conditions.
Additionally, bounded account media aperture Yonhap Account Agency appear aftermost ages that Choe Heung-sik, governor of the Financial Supervisory Service, declared that government organizations will “support” all accepted transactions in the cryptocurrency trading space.
What do you anticipate about South Korean authorities raiding three cryptocurrency exchanges? Do you anticipate they adapted it if they were application chump funds to buy Bitcoin from competitors? Let us apperceive in the comments below!
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