Cryptocurrency World Is Watching South Korea & Upbit As Coins Prices Drastically Dropped

Cryptocurrency World Is Watching South Korea & Upbit As Coins Prices Drastically Dropped

Upbit, renowned as South Korea's largest crypto exchange, is making headlines today for a different reason that we're used to. "We have secured hard disks and accounting books through confiscation". The actions occurred as crypto enthusiasts around the world are wrestling with regulatory concerns and as more mainstream financial institutions are beginning to enter the space. Prosecutors are investigating whether the company defrauded customers by claiming it had cryptocurrency and electronic wallets that it didn't have.

"If illegal multi-level eyewitnesses or victims report to Upbit and investigating agencies at the same time, a cash award will be given to the first reporter of the illegal recruitment case. Your assets are kept secureñy in your account, so you can rest assured that you can use Upbit services". This return coincided with a considerable increase in average prices and total market capitalization values.

In January, South Korean regulators sent cryptocurrency prices tumbling after they announced a proposed ban on cryptocurrency trading after authorities raided the Bithumb and Coinone exchanges. Every one in the past year has been looking and countries like Japan USA and Korea to figoure out what the future will look like. Given the way the market is responding, crypto investors are already affected by the news.

On May 13, 2018, two days subsequent to the announcement of an extensive investigation into UPbit, Ran Neuner, a producer at CNBC's CryptoTrader, visited South Korea to offer coverage of the local cryptocurrency market.

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Even more recently, the major crypto exchange known as CoinNest had its chief executive and co-founder detained on charges of fraud and embezzlement, shocking the entire online community and creating dips in the market as well.

Some speculate that South Korean may institute a permitting process for cryptocurrency exchanges and ICOs, but, for now, they are choosing to carefully scrutinize those already in operation.

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