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Korean Authorities Raids Upbit Cryptocurrency Exchange

World’s largest cryptocurrency exchange Upbit, is raided by South Korean prosecutors. Bestowing to a prosecutor from the Seoul Southern District Prosecutors’ office, on Thursday and Friday the government has searched the exchange’s office.

According to Korea Economic Daily, Upbit is under investigation by prosecutors. Upbit exchange, the largest exchange and fourth-positioned crypto exchange of Korea and world is suspected of fraud. The report says the exchange was allegedly selling cryptocurrency to its customer without holding it in real time.

“We have secured hard disks and accounting books through confiscation. The analysis is expected to take days,” the Prosecutors’ Office stated.

South Korea on cryptocurrency

South Korea is cracking down the cryptocurrency industry. It is affraying excessive conjecture and illegal activities such as money acquitting. It is parting to push up the government around the world to curb the digital currency markets.

Over the past few months, Korean authorities are raiding several smaller crypto venus and are outlawing initial Coin Offerings and banned minors, foreigners and financial institutions from domestic exchanges.

Cryptotrading

Before the embargo, South Korea is a ground for global crypto mania. The volume on the local exchange is ascending from the last year. The Bitcoin and other tokens are fetching large bonus in the country for promoting internationally.

The barrage is alarming official including Prime Minister Lee Nak-yon. He says that cryptocurrency might corrupt the nation’s youngsters. The trading activities and prices have tumbled and authorities are imposing restrictions for the same.

When it comes to cryptocurrency, Korea has been on bulletins! what’s your point onUpbit?

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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