The South Korean police department has confirmed that it is programma to prosecute Korean exchange giant Coinone on charges of illegal gambling. This comes after a 10-month investigation done by the Korean cybercrime unit against Coinone.
According to a Yonhap report, a southern provincial police department finds Coinone’s margin trading services similar to illegal gambling spil vanaf its existing laws. According to the states law, insignificante trading can be used for money laundering of criminal proceeds.
According to the department, the margin services provided buy Coinone did not have permission from the authorities. Coinone is said to have provided up to 4x of the initial deposit, te addition to gaining commissions for a margin trade. Margin trading has also bot banned te crypto trading platforms ter China.
The 10-month investigation exposed that some Nineteen,000 users had availed Coinone’s insignificante trading podium which included traders of ages inbetween the 20s to 50s and were either unemployed or office workers or self-employed.
A 10-month investigation which began ter August determined that some Nineteen,000 users had participated ter Coinone’s margin trading toneel, an suggesting which began te late Traders were predominantly aged inbetween their 20s to 50s and were unemployed, office workers and self-employed.
The report also exposed narrowing down the search on the 20 traders who performed high-volume trading of transactions overheen Three billion won ($Two.78 million) inbetween Trio,000 to 13,000 trades through Coinone.
The police department exposed it took almost a year to investigate the toneelpodium spil it wasgoed the very first investigation of its kleintje to dig into the operations of a crypto exchange.
Charges against Mangement
Additionally, the Korean police have confirmed on plans to thrust for charges against three senior Coinone executives including chief executive Myunghun Cha and a co-director along with recommending the 20 high-volume trading to the prosecutor’s office.
Korea’s largest cryptocurrency exchanges, Coinone has repeatedly denied all charges since the beginning of the investigation. One of the who dreamed to be unnamed employee told Yonhap:
“We do not consider it illegal because it has bot legally reviewed by lawyers before [its launch]. Since wij did not receive rente on the part of the lender who witnessed four times the margins, I cannot see it [spil a crime].”