Prosecutors Investigate South Korea Exchanges

Recently, the authorities took measures to tighten the regulation of the crypto-exchange trading platforms in South Korea. Afterwards, all the companies of the country working with cryptocurrency were subjected to a thorough investigation by the Financial Services Commission. During the investigation, a number of organizations were accused of conducting suspicious activities, according to officials.

South Korean news reported that several exchanges were subject to prosecution investigations. During the examination conducted, a lot of equipment, documents, and hard drives were confiscated. The Chosun news agency reports that site managers are suspected of squandering their users’ funds, which property was confiscated in order to find evidence.

The tough policy of Korean regulators in relation to the crypto-industry is being carried out in accordance with the plan of combating financial crimes. It is reported that for the current month, more than 600 billion won (about $600 million) was exchanged to foreign currencies and a significant part thereof was exchanged to cryptocurrency. However, there are rumors that the South Korean authorities can soften their policy towards ICO, which were previously banned along with anonymous cryptocurrency trading.


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