While short-selling is constitucional on South Korea’s main securities exchange platforms, the police have determined that cryptocurrency platforms aren’t afforded the same leeway.

BY Steven Stradbrooke ON June 07,

South Korean authorities are recommending illegal gambling charges be filed against the CoinOne cryptocurrency exchange for its margin trading service.

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Ter January, the Gyeonggi Nambu Provincial Police Agency announced that it wasgoed conducting an investigation into CoinOne’s margin trading service, which permitted customers to speculate on whether the value of a particular cryptocurrency would rise or fall.

On Thursday, Yonhap News reported that the Gyeonggi Nambu investigators had recommended bringing charges of illegal gambling against three CoinOne execs, including CEO Chae Myung-hoon. The company said it is cooperating with the investigation and would proceed to do so should charges be forthcoming.

Charges may also be filed against 20 high-volume users who treated overheen KRW3b (US$Two.8m) te margin trades via CoinOne. Approximately 19k CoinOne users made use of the margin trading product before it wasgoed shut down.

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CoinOne, which is South Korea’s third-largest crypto verhoging, launched margin trading te November and the investigation reportedly began te August . CoinOne shut down the service last December, and market-leading rival Bithumb shut down its own margin trading option around the same time.

The police probe reportedly took Ten months to reach a conclusion due to uncertainties te existing law regarding the relatively fresh crypto phenomenon. While short-selling is judicial on South Korea’s main securities exchange platforms, the police have determined that cryptocurrency platforms aren’t afforded the same leeway.

A CoinOne staffer told Yonhap that the margin trading product had bot reviewed by lawyers before being suggested to customers. The lawyers reportedly determined the product wasgoed judicial te part because the webpagina didn’t receive a proportional cut of customers’ successful margin trades.

The police have alleged that CoinOne’s margin trading could permit nefarious types to launder money, an accusation that South Korean authorities have long leveled against international online gambling sites that cater to the country’s gambling-mad residents.

South Korea maintains a taut lul on its citizens’ capacity to gamble, permitting them to access only one of the country’s 17 land-based casinos. The only other reglamentario gaming options are recinto lotteries and limited sports and wedstrijd betting services.

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3 comments

  1. It depends on the situation, if you want the divorce then don’t attempt telling about the digital currency you have, maybe she’ll cling to you and zekering the divorce. And if you don’t want to be divorced, attempt to lure hier. Hectare hectare hectare

  2. Exposing your BTC wallet to your spouse which is just a stranger with which you embarked to share your life with ter the ogenblik you get married it is not a wise thing to do. You can tell your BTC wallet to your brother,sister,mother or father spil they are your vivo family and it should be ok with them if you fear something for yourself. If I will be te the middle of a divorce I will make sure to stay peaceful and not tell anything to my wifey about my BTC related things.

  3. Te a judicial perspective you don’t have any choice but to expose all your assets including the merienda earned te Bitcoin spil it is required by law, you can even be caught after the divorced. Now for your agreement or settlement about the division of wealth it is truly up to you and it depends if your wifey agrees with what you suggest. You also have to waterput into consideration ter who will take care of your children with of course he or she getting a fatter share to support their child.

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