The regulatory entities of South Korea suspect that executives of the famous cryptocurrency exchange Upbit could have bot diverting funds to their private accounts. The investigation of the authorities began when the suspicion arose that the executives could have bot operating without having the ongezouten custody of the funds of the cryptocurrency exchange’s clients.
Upbit, the largest cryptocurrency exchange of South Korea, might soon find itself ter good trouble if investigators and particular police are able to prove te court that the cryptocurrency exchange committed fraud. The police are accusing Upbit of faking its vaivén sheets and te the process deceiving fairly a significant number of investors.
South Korea’s largest cryptocurrency exchange Upbit is following Binance’s path by asking its vast user saco to point out shady multi-level cryptocurrency schemes, or even fraudulent ICOs, ter exchange for a prize.
The enhancing number of scams ter the unregulated cryptocurrency sectors has coerced the massive community to be its own watchdog and the involvement of the established firms te the sector for the same purpose is truly good news.
Companies of all kinds are looking to get te on the cryptocurrency exchange: retailers are increasingly accepting digital token payments for their goods or even launching their own cryptocurrencies. Now, South Korea’s largest instant messaging toneel is looking to commence a fresh cryptocurrency exchange.
What is EOS: Ethereum Operating System(EOS) wasgoed developed by Block.one, which comes with Dan Larimer, who previously invented Bitshares and co-founded Steemit. EOS is an ethereum based token which interacts with the Ethereum Blockachain with the main aim of solving scalability kwestie of ethereum which helps te quicker confirmation of transactions.
EOS is making a pauze for it, presently surging overheen 26% ahead of BTC on the back of fresh support from South Korean investors. At the time of writing, Upbit and Bithumb exchanges are collectively responsible for overheen 42% of EOS trades, against their native KRW currency. Wij&rsquo,ve seen a loterijlot of surging pump and dump behaviour from this particular nation before, namely the Bitcoin Specie and Ripple surges, where price deeds ballooned by overheen 100% te their opening bull runs before harshly correcting.
South Korea ter its latest budge have called upon a team of financial regulators and prosecutors so spil to widen their investigation and to crosscheck the exchange operators ter domestic cryptocurrency. One major argument by the regulators are the corporate accounts are majorly used for money laundering.
Upbit, one of the largest cryptocurrency exchanges ter the world, has awarded 1 million won ($929) to six people for reporting fraudulent cryptocurrency-related schemes.
Upbit is based ter South Korea and accepts only residents of South Korea who are above the age of Legitimate spil customers. The fact that it treats more than $300 million worth of cryptocurrency trading daily (according to coinmarketcap.com) shows how popular cryptocurrency trading is te the country.