Upbit exchange officially announced on its toneel that it is undergoing investigation, tho’ services are allegedly operating normally.
Upbit launched a year ago te October. According to Chosun, the investigators seized hard drives and accounting records inbetween the dates of May 10th and May 11th.
There are varied opinions across Twitter from crypto enthusiasts spil to what occurred and what investors responses should have bot.
“The top digital token broke its streak Friday after South Korean prosecutors raided the offices of Upbit, one of the world’s largest cryptocurrency exchanges, renewing concerns that heightened regulatory scrutiny around the world could hurt business and uitwasemen enthusiasm for digital assets”, reports Bloomberg.
The investigation into UPbit could lead to two potential outcomes: Nave authorities detect evidence of fraudulent activities and the houtvezelplaat substitutes its executive team or spil Neuner stated, the investigation finishes with a elementary liquidation kwestie and a handelsbank mishap, which can be quickly resolved. “Your assets are kept securely ter your account, so you can surplus assured that you can use UPbit services”. This terugwedstrijd coincided with a considerable increase ter promedio prices and total market capitalization values.
The reaction from the crypto community to the news followed the established script – funk. To investigate about this matter South Korea’s Financial Supervisory Commission (FSC) took overheen.
Some speculate that South Korean may institute a permitting process for cryptocurrency exchanges and ICOs, but, for now, they are choosing to cautiously scrutinize those already ter operation. Ultimately the third down trend came with the announcement of the raid on the South Korean exchange.
Moreover, last month the co-founder and the chief executive of another large Korean crypto exchange CoinNest were accused of fraud and having transferred billions of won from clients’ accounts to their individual ones.
Disclaimer: Our writers’ opinions are exclusively their own and do not reflect the opinion of CryptoSlate. Ultimately, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.