Prosecutors te Seoul’s Gangnam district have raided the offices of Upbit, arguably the country’s largest cryptocurrency exchange toneel.
Vanaf numerous reports from South Korea’s largest news agencies, prosecution officers stormed Upbit’s offices on May Ten and 11, seizing hard drives and accounting ledgers, with police suspecting Upbit has falsified official financial records.
The largest cryptocurrency exchange te South Korea, Upbit, trades overheen than 200 altcoins and 110 types of token transactions spil they confirm their support towards the TRON blockchain migration on 22.05.. The exchange wasgoed launched by the Kakao Corp Team with the help of Bittrex a year back.
Upbit wasgoed waterput under pressure last week by the financial investigation team, the FSC, and the FSS after the company wasgoed suspected of transferring customer funds from their cryptocurrency exchange account to the account of a representative or an executive.
The fresh additions to the Swings ecosystem include an instant exchange, an up-and-coming South Korean exchange and a peer-to-peer exchange based te the UK.
Sways announces its listing on no fewer than three fresh exchange services today: Evercoin, Upbit and Cryptomate.
Evercoin is an instant exchange service based ter Silicon Valley and founded by Talip Ozturk, who also created Hazelcast — an open source distributed database used by some of the largest financial services companies ter the world.
Korean fintech company Dunamu Inc., which operates a popular securities trading app called Kakao Stock, announced that it has embarked providing an open beta service for a cryptocurrency exchange called “Upbit” from October 24.
Te order to launch Upbit, Dunamu signed an sensational partnership agreement with the U.S.
At the center of a latest regulatory controversy is a South Korean cryptocurrency exchange affiliated Kakao Talk. Upbit is the only remaining major exchange ter Korea which hasn’t joined the others ter support of self-regulation – their agreement with Bittrex presently raises the question of how the said regulation would apply to them.
Most cryptocurrency enthusiasts will agree that South Korea has become a critical area for this industry. With recinto exchanges generating high amounts of trading volume every day, South Korea has already overtaken China and Japan te this regard. Bringing more competition to the exchange market is never a bad idea, tho’.
Customers are still able to make transactions and withdrawals, according to the company who ensures that client assets are safe.
The prosecution suspects the company sold more supuesto currencies than it wielded and thus committed fraud.
The normal reaction from the cryptocurrency community ter South Korea and the integral cryptocurrency space has bot that UPBit executives should not have had the motivation to commit such crimes given that cryptocurrency exchanges have generated hundreds of millions of dollars ter profits on a quarterly onderstel since early .
Authorities ter South Korea raided the UPbit cryptocurrency exchange’s offices on Thursday and Friday, according to numerous media reports. Prosecutors reportedly believe that the exchange had deceived customers by selling digital currencies that it did not hold. News of the raid shows up to have contributed to a broad decline ter cryptocurrency prices on Friday.