The FSC and the Korean Financial Intelligence Unit (KoFIU) recently pronounced a snaak investigation into the corporate accounts ter Korean banks of the crypto exchange.

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.

Investigations into the matter

The police say that the exchange deceived investors by faking its arqueo sheet. The Financial Supervisory Commission (FSC) of South Korea has entrusted ten investigators with finding out the truth. They will soon be heading to Seoul where they will build up access to Upbit’s rekentuig system, after which they will audit the supuesto currency holdings of the exchange.

Several crypto commentators on social media have disclosed that the news is impacting the crypto markets negatively, which they say is overduidelijk from the major decline of the top 100 coins. All of them have gone down by almost 15%.

A person well conversant with the latest developments anonymously disclosed that South Korean authorities were suspecting that Upbit wasgoed illicitly transferring customer funds into the accounts of its top executives.

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Upbit is one of the very first crypto exchanges to draw the attention of Korean authorities this spring. The FSC and the Korean Financial Intelligence Unit (KoFIU) recently pronounced a snaak investigation into the corporate accounts ter Korean banks of the crypto exchange.

A number of market observers have criticized the suspicious transfer of funds from the Upbit cryptocurrency exchange to the Upbit executives’ private accounts. The cryptocurrency community ter South Korea has given its views ter relation to the matter. It has said that it won’t support the executives that will found guilty of the crime.

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If all goes according to project, the regional police might soon present its finalized report on the situation. The South Korean authorities intend to shut down the exchange te case it is reasonably proven that it wasgoed guilty of the crime.

It has bot reported that ter the past 24 hours, Upbeat has managed to host about $1.6 billion (£1.17bn) of cryptocurrency trades. That implies that it is presently the largest te Korea. It wasgoed te April that Kim Ik-hwan, who happens to be a co-founder, spil well spil the serving chief executive CoinNest, wasgoed found guilty of fraud and embezzlement of funds. He is said to have transferred billions of digital assets belonging to customers to the accounts of some top executives.

Prime Minister, Lee Nak-yon, is one of the officials that have bot alarmed by the rapid rise being experienced ter the cryptocurrency market. He reserves fears that a significant number of youths te the nation might be omkoopbaar. The government has said that it will do all within its means to curb illegal activities such spil money laundering. A major decline ter trading prices is being witnessed and some people attribute it to the imposed confinements.

3 thoughts on “The FSC and the Korean Financial Intelligence Unit (KoFIU) recently pronounced a snaak investigation into the corporate accounts ter Korean banks of the crypto exchange.

  1. Midnightmoonwolf

    The binance exchanges wasgoed indeed hacked,and they are only blaming those bots instead of admitting that they were compromised blaming those bots for the stolen APis is indeed not a good stir,very unprofessional that is why i have already moved my funds from binance back to bittrex which has more secured features than binance.

  2. Regardless of some of the kwestie on fiat conversion et cetra, Binance has brought unprecedented liquidity to cryptocurrency te militar and the ease and plainness employed te achieving this is something worthy of emulation from fresh exchanges!

  3. Right now they’re not coerced to share any gegevens with any government. Imagine an exchange from Japan sharing gegevens of Greek citizens having account with the greek government. Not very likely, right. Also some of them like Binance have no verifications if you withdraw daily up to Two BTC (or its omschrijving) so I don’t see many people withdrawing more daily.

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