The department of cybercrime investigation unit of South Korea&rsquo,s provincial police department has reported that it will be charging Coinone exchange due the margin trading it offers its clients. The department says, te retrospect, Coinone is suggesting illegal gambling and that it could be aiding criminal laundering activities.
The unit has bot conducting an investigation for about Ten months and the report shows that approximately Nineteen,000 people took part ter the margin trading. Moreover, 20 of them became conspicuous due to the high volumes of transactions they recorded. Combined they all transacted a total of $Two.8 million ter about Trio,000 to 13,000 margin trading orders on Coinone exchange. The CEO, Myunghun Cha will also be charged along two other executives and the 20 traders who had the highest volumes. Coinone, ter response to CoinDesk&rsquo,s inquiries, said:
",At this time wij are focused on cooperating with the ongoing investigation, and will proceed to do so spil the case is te the process of moving overheen to the Prosecution Service from the Police Agency.",
Bitcoin price led a epistel bullish spike during the session on Wednesday, the 61.8% Fib retracement level with the last high gam of $8,559 and a low of $7,090 prevented further gains towards $7,000. However, BTC/USD spiked again on Thursday Asian trading hours, while using $7,500 spil a support. It attacked the retracement level above, this time violating the key resistance at $7,000 and is now trading marginally above $7,700. The contracting triangle will suggest resistance towards $7,800, but the psychological $8,000 is still out of reach for now. On the flipside the 61.8% Fibo will now suggest support, besides a stronger support is provided by the 100 SMA at $7,400.
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