South Korean Authorities Inspecting Three Crypto Exchanges

March 15, 2018

Three South Korean crypto exchanges have been subject to state inspections with employees and the management suspected of embezzling funds from the users’ accounts. They are also reported to acquire cryptocurrency at other exchanges for this money.

As local media say, members of the Seoul Southern District Prosecutors' Office have confiscated hard drives, smartphones and documents in search of evidence. One of the officials noted, suspicious activity was detected on these exchanges in January during auditing examination by the Financial Services Commission and the Korea Financial Intelligence Unit.

The purpose of these inspections was protecting South Korean crypto investors against illegal activity of local exchanges so they are not a part to the state toughening campaign.

Note that the Financial Services Commission kept the investigation details and names secret and added now it is hard to define the amount of funds embezzled.

Remember, Korean authorities investigate cases of cryptocurrency misuse on regular basis. In January the Financial Supervisory Service investigated the case of insider trading among its employees, while the Korea Customs Service enquired into laundering of $600 mln with cryptocurrencies some time later.


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