Seoul Police Indicted Coinbit Executives for Market Manipulation Exchanges burst out of fraud and bankruptcy, and the security is worrying
Is exchange fraud and bankruptcy a daily routine in the cryptocurrency circle? For those who care about the field of "cryptocurrency and blockchain", 2020 can be a lively year: Facebook announced the issue of stable coins and the price of Bitcoin once reached $19,000 and other news continue to impact people's cognition. However, relative to the rising trend of currency prices, news of successive thefts and closures of domestic and foreign exchanges may be even more shocking.
The Seoul Metropolitan Police Agency has officially brought charges against the chairman of local crypto exchange, Coinbit and two other unnamed executives for manipulating the digital currency market, local media Newspim reported.
The South Korean authorities first moved against Coinbit in August when the local police reportedly raided and seized the operations of the exchange. The allegations on the exchange include inflating its trading volume by up to 99 percent.
Coinbit is the third-largest cryptocurrency exchange in South Korea with around 252,000 active monthly users. These alleged illegal activities have earned the exchange at least 100 billion won (about $84 million).
Furthermore, the South Korean authorities are investigating other major local exchanges for fraud. The police seized the operations of Bithumb, the country’s largest digital currency exchange, multiple times and summoned its chairman for investigating fraud charges involving tens of millions of dollars.
As the world’s leading crypto exchange, Bityard is providing customers from more than 150 countries with safe, simple and fast digital currency trading services. At the same time, Bityard also attaches importance to financial compliance, and has obtained financial licenses issued by four national institutions which are the Business Administration of Singapore (ACRA), the United States Financial Supervisory Authority (MSB), the Australian Transaction Reporting and Analysis Center (AUSTRAC) and the Estonian Financial Regulatory Authority (MTR). Bityard believes that focusing on security and compliance will bring a positive influence to the global digital currency investment environment.