South Korea Government Raids 3 Exchanges; Suspects Foul Play

Three exchanges were raided this week in South Korea by the government watchdog organization, the FSC, according to an article published by the Korean newsletter Chosun. The exchanges were occupied due to suspected embezzlement from Monday to Wednesday, and some assets were confiscated for further investigation.
The Financial Services Commission (FSC) declared that the exchanges raided were suspected to use customers accounts to make inter-exchanges transferences. A Seoul prosecutor also declared that:
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”
South Korea has been in the eye of the storm since this year started because it’s one of the biggest markets for cryptocurrencies at a worldwide scale. They have already banned anonymous trading, forcing exchanges to apply KYC (know your customer) policies, and also banned ICO, though it seems that the ban is being lifted in the near future. Whatever happens there, affects the state of the market on a large scale.
This is not good news for an already tattered market, affected by the Google’s advertising ban on crypto-related ads and by imminent regulation of cryptos and ICOs in the USA. None was said about the money that was moved and officers are already investigating the raided equipment to find out more about the presumed crimes.

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