Crypto Exchange Coinone’s Margin Trading is Illegal Gambling: Korean Police

Following a 10-month investigation by its cybercrime unit, a South Korean police department confirmed it would recommend prosecuting cryptocurrency exchange giant Coinone on charges of illegal gambling.

According to a Yonhap report, a southern provincial police department ter South Korea has determined that Coinone’s margin trading service is akin to illegal gambling, according to existing laws that, that might be used for money laundering of criminal proceeds.

‘Margin trading is similar to credit (borrowed) trading on stock markets,” an extract from the report reads, “but it wasgoed based on gambling because it did no have permission from the authorities.” Coinone is said to have provided up to 4x of the initial deposit, ter addition to gaining commissions for a margin trade. Margin trading wasgoed among the earliest services to be barred among crypto trading platforms te China before a broader clampdown on exchanges and a blanket verbod on ICOs ter .

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A 10-month investigation determined that some Nineteen,000 users had participated te Coinone’s margin trading verhoging, an suggesting which began te late Traders were predominantly aged inbetween their 20s to 50s and were unemployed, office workers and self-employed, details from the investigation, which began te August , exposed.

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The police specifically narrowed te on 20 high-volume traders after they were alleged to have treated transactions overheen Trio 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 toneel since it wasgoed the very first investigation of its kleuter to delve into the operations of a domestic cryptocurrency exchange.

Further, the police confirmed plans to shove 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.

One of Korea’s largest cryptocurrency exchanges, Coinone has repeatedly denied all charges since the beginning of the investigation, with one unnamed employee telling Yonhap:

Wij 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].

Featured photo from Shutterstock.

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3 comments

  1. I envy your big fat wallet but gravely speaking, this would spell some trouble for you! Under the law of succession, the spouse is entitled to 50% of all your assets and savings. This would mean that your wifey is entitled to half of the contents of your big fat wallet! Unless you’re okay with being unfair by not proclaiming all of your holdings, you don’t have a choice here. The honesto way is to give what she is entitled to.

  2. One of my friends is going through divorce proceedings and he is facing the same kwestie. He is having quiet a few BTCs te his wallet and he is planing to keep it spil a secret. But it is finta risky. He is having finta a few exchange accounts and many of them have the ID verification. But the stud is adamant. He doesn’t want to give any of his coins to his wifey.

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