Categories: ICO

South Korean Regulator’s Accounting Probes May Target Crypto Exchanges

Click here to view original web page at www.financemagnates.com
Photo: Bloomberg Share this article

South Korea’s top financial regulator is widening its probe on accounting practices at big companies, which may include the nation’s big cryptocurrency exchanges. This announcement follows the prosecutors launching an investigation about the use of corporate accounts by crypto venues which the regulators say can lead to money laundering.

The exact details of the latest investigation or the degree to which cryptocurrency operators engaged are not available. But the chief of the Financial Supervisory Service (FSS) was quoted by Yonhap News as saying he “personally feels a need to promptly push to regulate cryptocurrency tradings.”

Join the Leading Industry Event!

South Korea’s exchanges hold about $1.9 billion worth of cryptocurrencies in their accounts as per the latest report by the central bank of the country, which easily list some of them among the big firms targeted by the latest FSS’ probe.

Suggested articles

SPECTRE.AI Continues to Grow in Q2 2018Go to article >>

Huge amounts of crypto assets

Bithumb, South Korea’s second-largest cryptocurrency exchange, posted an extraordinary annual gain of nearly $400 million in 2017 on the back of the national frenzy over digital money. At the time, global trading volumes ‎held steady above ‎‎$40 billion when the virtual asset class gripped the attention ‎in Korea and worldwide alike.‎

Earlier in May, Upbit was raided by government’s investigators and local police for alleged fraud. However, the exchange managed to pass independent audits, showing full solvency as Upbit’s reserves ratio stands at 103 percent and cash ratio stands at 127 percent.

The solid earnings are definitely good news for the industry in South Korea, which has been cracking down on the cryptocurrencies to combat excessive speculation and illegal activities, part of a push by governments around the world to rein the nascent sector in. Over the past few months, Korean authorities have raided several crypto venues, banned ICOs, blocked foreigners and financial institutions from domestic exchanges.

The use of corporate accounts for crypto transactions has been a major concern as the regulators say it can lead to fraud such as recently seen with Coinnest whose CEO was charged with embezzlement. The largest Korean crypto exchange by volume, Upbit, is also currently under investigation even though banks have been converting its accounts to real-name ones.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Kristy Leigh Minehan: Bitcoin SV is treating miners right

At the CoinGeek Toronto 2019 scaling conference , Kristy Leigh Minehan used her time on stage to tell everyone how… Read More

1 hour ago

#CryptoCorner: BTC Still Dominant Over Altcoins, EU Antitrust Regulators Probe Libra, Austrian Telecom Giant A1 Accepting Crypto Payments

(MENAFN - Investor Ideas) #CryptoCorner: BTC Still Dominant Over Altcoins, EU Antitrust Regulators Probe Libra, Austrian Telecom Giant A1 Accepting… Read More

1 hour ago

Mark Mobius Calls Bitcoin a “Psycho Currency”

Bitcoin has a habit of dividing people. Some are all for it, while others think it’s weird, evil, or a… Read More

1 hour ago

US, France, and Germany Dominate Bitcoin Nodes By Country

Among the many reasons that make Bitcoin unique, is that it’s designed to be a global currency accessed by anyone,… Read More

1 hour ago

Ukrainian Power Plant Officials Accused of Unauthorised Cryptocurrency Mining

SBU (Security Service of Ukraine) detectives have discovered a cryptocurrency mining operation at one of the nation’s nuclear power plants.… Read More

1 hour ago

Bears in Charge as Bitcoin Price at Risk of November 2018 Style Dump

Throughout much of 2018, support at $6,000 acted as the absolute Bitcoin price floor, with each time bears pushed the… Read More

1 hour ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More