South Korean authorities raided cryptocurrency exchanges

South Korean authorities raided cryptocurrency exchanges

The country's authorities raided three cryptocurrency exchanges last month.

Last month in Seoul three cryptocurrency exchanges were raided by legal authorities. They were suspected of stealing funds from customers' accounts.

According to Chosun Ilbo, two stock exchanges are suspected of stealing customer funds in order to buy cryptocurrency. Managers of these exchanges are presumed to purchase cryptocurrencies on other exchanges using their customer funds. Another exchange is accused of embezzlement.

The Supreme Prosecutors' Office confiscated hard drives, mobile phones and documents on financial transactions.

"The firms turned up on our radar in January during our investigation of suspicious money transfers between Bitcoin exchanges that were detected during an audit by the Financial Services Commission and the Korea Financial Intelligence Unit," a prosecutor said.

It is still unclear the total amount of funds and names of cryptocurrency exchanges. But lead prosecutor Jeong Dae-jeong noted that one exchange is based in Yeouido region, where Coinone, big crypto-exchange, is located there.

It should be noted that although South Korea has banned anonymous cryptocurrency trading, the country is reviewing its ban. According to The Korea Times, the South Korean authorities will soon allow cryptocoins trading under certain conditions.


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