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South Korean Exchange Upbit Raided Over Fraudulent Activities

The South Korean exchange Upbit has been raided today by South Korean prosecutors over fraudulent activities, according to information from Bloomberg. The authorities took temporary control of the exchange facilities and took electronic equipment for further investigation.
UPbit is one of the biggest Korean exchanges in the whole country, and the fifth exchange of the whole world, making trades and exchanges for more than two billion dollars in cryptocurrencies just yesterday, according to Coinmarketcap figures. Just recently, it launched the first cryptocurrency Korean index for investors.
This raid came as a conclusion of an ongoing investigation that links Upbit with fraudulent operations. According to some reports, Upbit could be selling customers cryptocurrency that it does not possess, effectively trading cryptocurrencies for IOU notes, something that is illegal. Prosecutors said at the raid that they had confiscated computers and accounting books, but that the whole data analysis might take a while.
Upbit posted a message on its webpage informing that they are being under investigation by the Korean prosecution and that they are cooperating with the law offices. The post also states that all operations are functioning properly and that deposits, withdrawals, and trading, in general, are still available on their platform. Nonetheless, there have been reports of users withdrawing their cryptocurrency fearing a block on withdrawals or a possible closure of the exchange operations.
This raid comes as a natural consequence of a tightening of the vigilance of South Korean authorities over cryptocurrency exchanges, and cryptocurrency activity as a whole; this after the prime minister said earlier this year that cryptocurrencies were corrupting the South Korean youth. Upbit is not the only exchange that has been visited. Earlier this year two exchanges were also raided by the Korean Police and by the National Tax Office dependants: Bithumb and Coinone were accused of a supposedly avoiding taxes.

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