Coinnest Exchange under Police Inspection – One of the Largest South Korean Exchange

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Coinnest Exchange Police Inspection

South Korea is the world’s third-largest market for Bitcoin trades after Japan and the United States. The latest news By the Korean Times says South Korea’s biggest Crypto Currency Exchange, was investigated by local police and 10 investigators.

Also read, South Korea legalizing ICO after ICO ban.

The attempt was made to raid the capital of South Korea this week. The reports released the shocking news to ban Crypto Currency Trading there. The Government and the Former Authorities has permitted to pass the decision in Entire Region with Coinnest Exchange Police Inspection.

This instructions by the Lawmakers has provided a massive turmoil the Crypto Market at South Korea by which the market has clap and aggressively fallen down.

There are many major concerns of which Ministry of Justice, Republic of Korea Park Sang-ki said the government was preparing a bill to ban trading of the virtual currency on domestic exchanges.

Previously in an Official Interview at South Korea the mission of Korean Exchange was to become the largest Crypto Currency Exchange. Simply by improving the adoption of Digital Currencies.As there are many reservations made on the prior basis still for the sake of 80 Million People, the Korean Government will have to raise the funds in Crypto Digital Marketing.

The Korea International Trade Association –KITA claimed the main objective is to assist in withdrawing and removing   uncertainties and dilemma facing Block-Chain-related businesses for Coinnest Exchange Police Inspection.

Upbit Platform Users are withdrawing their Funds now.

However on May 10, the Seoul local police and 10 investigators from the Korean Financial Intelligence Unit – KIU and Korean Financial Services Commission -FSC raided the Headquarters.

According to CoinDesk Korea the raid and Coinnest Exchange Police Inspection was successfully done on the First Crypto Currency Index-Upbit. Most astonishing Upbit is the Crypto Currency exchange is in South Korea’s and the most popular chat app, Kakao Talk. This have targeted over 95% of all smartphones in the country.

Upbitwhich launched in October last year-2017. The Korean Block-Chain Industry Association announced that with the growing value of Crypto-Market it become the fastest-growing crypto exchange in the region.

Coinnest Exchange Police Raid

The Korean Financial Intelligence Unit (KoFIU) along with the FSC Department showed their anxiety in the Crypto Korean Banks Accounts and AML-Anti Money Laundering.

The investigating team along with officials were present at around 10 am to access the Company’s Computer System to audit the exchange’s Virtual Currency Holdings. This has firmly affected Crypto-Market and dropped the value of major top Coins.

The Korean Authorities were reviewing and measuring the range of Crypto Crime Exchanges. The disturbance and major concern as shown on the some points like:

  • Reporting suspicious Transactions.
  • Existing accounts of some Customers/Users are missing.
  • Chosun reports that police believe the exchange has faked its balance sheets and deceived investors. South Korea’s Financial Supervisory Commission (FSC) reportedly sent ten investigators to the exchange’s head offices in Seoul at 10 am this morning, and will access the company’s computer system to audit the exchange’s virtual currency holdings.

Based on the joint inspection represented a significant results at Korea with the Press Times stating Bitcoin trading was done at an average of $8,750 below 7 percent on the day.  Ethereum is down almost 10 percent on the day and trading was done at an average of $690.

The officials have not passed and reported the entire Crime/Fraud reports as the investigation is still under process and going on.

About the author

Michael Williamson

Michael Williamson is a content marketer who formerly worked out of Unbounced's Montreal office. A writer by day and a reader by night, he is loathe to discuss himself in the third persona, but can be persuaded to do so from time to time.

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