Police and tax agencies raided South Korea’s largest cryptocurrency exchanges this week for alleged tax evasion South Korean financial authorities had previously said they are inspecting six local banks that offer virtual currency accounts The crackdown comes as the South Korean government attempts to calm frenzied demand for cryptocurrency trading. In a statement posted on its homepage, Upbit confirmed it was being investigated by prosecutors and was cooperating with authorities. Reddit hopes to relaunch cryptocurrency payments — and not just bitcoin, either. Read More. The presiding judge said there was an ‘air of reality’ that she was arrested unlawfully. Download the Blockchain Guide.
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South Korea’s largest cryptocurrency exchanges were raided by police and tax agencies this week for alleged tax evasion, people familiar with the investigation said on Thursday. He said Coinone was cooperating with the investigation. Bithumb, the second largest virtual currency operator in South Korea, was also raided by the south korea cryptocurrency exchange raided authorities on Wednesday. South Korean financial authorities had previously said they are inspecting six local banks that offer virtual currency accounts to institutions, amid concerns the increasing use of such assets could lead to a surge in crime. The crackdown on Seoul-based operators of some of the world’s busiest virtual currency exchanges comes as the government attempts to calm frenzied demand for cryptocurrency trading in Asia’s fourth largest economy.
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The 2nd largest virtual currency exchange in South Korea, Bithumb, was also raided on Wednesday, according to an official who asked to remain anonymous. The ministry apparently sees virtual currency trading in its current form as an illegal activity and plans to embark on discussing the draft bill as soon as this week, according to the SBS news service. The news comes as South Korea is turning the screw on domestic cryptocurrency trading by going after banks and exchanges. The South Korean government announced in December it is going to ban exchanges from enabling anonymous cryptocurrency transactions and prohibit banks from providing virtual currency accounts. On Monday, the South Korean finance regulator said it has been inspecting six banks offering such accounts while looking into a potential breach of anti-money laundering rules. This website uses cookies. Read RT Privacy policy to find out more.
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The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as south korea cryptocurrency exchange raided around the world struggled to regulate an asset whose value has skyrocketed over the last year. Justice minister Park Sang-ki said the government was preparing a bill to ban trading of the virtual currency on domestic exchanges.
Once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total members of the National Assembly, a process that could take months or even years. The local price of bitcoin plunged as much as 21 percent in midday trade to It still trades at around a 30 percent premium compared to other countries. Vidente KQ and Omnitel KQwhich are stakeholders souht Bithumb, skidded by the daily trading limit of 30 percent.
There are more than a dozen cryptocurrency exchanges in South Korea, according to Korea Blockchain Industry Association. The proliferation of the virtual currency and the accompanying trading frenzy have raised eyebrows among regulators globally, though many central banks have refrained raded supervising cryptocurrencies themselves.
That created confusion and triggered a broad selloff among investors. The official, who spoke on condition of anonymity, said that Coinone was cooperating south korea cryptocurrency exchange raided the investigation. Bithumb, the second largest virtual currency operator in South Korea, was also raided by the tax authorities on Wednesday. South Korean financial authorities had previously said they are inspecting six local banks that offer virtual currency accounts to institutions, amid concerns the increasing use of such assets could lead to a surge in crime.
Discover Thomson Reuters. Directory of sites. United States. Cynthia KimDahee Kim. Some investors cryptocurrency to have taken preemptive action.
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Big tech is thinking about digital ethics, and small businesses need to keep soth. Download the Blockchain Guide. Jorea Samsung to make Baidu’s new AI chips. The agency did not give details. Reuters — South Korean prosecutors raided the country’s biggest cryptocurrency exchange, Upbit, on Thursday and Friday on suspicion of fraud, Yonhap news agency reported. Reports suggest Google may be working on blockchain-based systems to support cloud businesses. Police and tax agencies raided South Korea’s largest cryptocurrency exchanges this week for alleged tax evasion South Korean financial authorities had previously said they are inspecting six local banks that offer virtual currency accounts The crackdown comes as the South Korean government attempts to calm frenzied demand for cryptocurrency trading. Disclosure Read More The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and eaided by a strict set of editorial policies. Get In Touch. The exchange stressed that all customer services were available and their accounts safe. By December, it said vryptocurrency had 1. All Rights Reserved. Reddit hopes to relaunch cryptocurrency payments — and not just bitcoin. Close icon Two crossed lines that south korea cryptocurrency exchange raided an ‘X’.
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