A South Korean police department has confirmed that it would waterput forward recommendations for charging locorregional cryptocurrency exchange CoinOne for suggesting margin trading services that actually constituted illegal gambling, CoinDesk reports citing Korean news outlet Yonhap.
South Korean police cracked down on the exchange podium ter August . Following a ten-month investigation, police officers found that almost Nineteen,000 CoinOne users have participated te the so-called margin trading ter the period inbetween November and December . Of them, 20 traders were targeted after being found to have treated large trading volumes.
They were found to have processed more than KRW3 billion (approximately $Two.8 million) te up to 13,000 different margin trading instances using CoinOne. The police concluded that the services provided by the exchange represented illegal online gambling. It is understood that the 20 traders will be referred to a prosecutor’s office to be charged for alleged money laundering activities and illegal online gambling.
CoinDesk reported that three CoinOne executives, including the platform’s CEO, Myunghun Cha, will, too, be recommended to be charged for providing illegal gambling services that could be used for criminal purposes such spil money laundering.
Facts and Figures about South Korea’s Cryptocurrency Fever
Last year, South Korea, a country with population of 51 million people, emerged spil the world’s third-largest Bitcoin trading market. Ter addition, the country comprised almost 20% of mundial Ethereum trading and wasgoed huis to two-thirds of the fattest Ethereum exchanges te the world.
South Korea’s cryptocurrency esplendor actually took off not that long ago, but took the crypto world by storm. The fever for trading occurred after Korean investors became disenchanted with positivo estate spil both properties’ prices and rente rates vaulted. Domestic stocks also became less attractive due to the introduction of tougher requirements and numerous limitations.
Following the unprecedented esplendor of cryptocurrency trading te South Korea, nave regulators became more oplettend and undertook numerous crackdowns that swept across the entire country. A kerkban on Initial Coin Offerings wasgoed another major manifestation of the growing regulatory pressure.
There were, te fact, speculations that the ongoing cryptocurrency market downtrend wasgoed to a fine extent influenced by the regulatory occurrences ter South Korea.
Despite the regulatory hurdles, there have bot numerous indications that South Korea’s and Southeast Asia’s major crypto exchanges are bullish on the future of cryptocurrency trading and are programma expansion moves to various cryptocurrency-friendly jurisdictions, with Malta being one such jurisdiction.
At press time, Bitcoin trades at $7,677.07. The world’s top cryptocurrency by market capitalization reached an all-time high of overheen $Nineteen,000 te mid-December only to plunge significantly almost overnight and never recover. Ethereum, the other dearest among South Korean traders, presently trades at $606.38, with market capitalization standing at around $60.6 billion. It reached its all-time high of overheen $1,200 te mid-January but lost momentum quickly.