applancer Advertise

South Korea says it unveiled $600 million of illegal cryptocurrency trading

Feb 01, 2018 Posted /  25362 Views

South Korea says it unveiled $600 million of illegal cryptocurrency trading

Yesterday South Korea introduced new rules for cryptocurrencies that ended anonymous trading of virtual currencies by establishing the real-name system. Now there is fresh news coming from the Korean land that states that roughly $600 million of illegal cryptocurrency foreign exchange trading has been uncovered.

The sign authorities are gripping the regulations on the cryptocurrencies which is considered as uncertain and risky by many global policymakers. The customs department for the Republic of Korea has revealed in the statement that about 637. billion won, which amounted to some $596.O2 million (USD) of foreign exchange crime has been found.

“Customs service has been closely looking at illegal foreign exchange trading using cryptocurrency as part of the government’s task force,” the statement unfolded emphasizing escalated efforts by Seoul to tighten its grip on unlawful trading in the digital asset.

Illegal foreign currency trading of 472.3 billion formed the bulk of the cryptocurrency crimes, Customs said, but gave no details on what action authorities were taking against the rule breaches.

South Korea has chosen a severe position on regulating cryptocurrency trading as many locals since last month- including students and housewives started protests against the speculations that the government might ban cryptocurrencies. Everyone seemed to have jumped into a frantic market despite predictions from policymakers around the globe of a bubble.

As the news came back sometime and it was confirmed yesterday that the real-name bank accounts for cryptocurrencies trading were effective from Jan. 30. The fresh regulations were fabricated to obstruct virtual coins from being utilized for money laundering and other criminal activities.

The Customs services also told in the statement that there were law breaches pertaining to cryptocurrencies and amongst others included the cases where investors in Japan sent yen worth 53.7 billion in won to their counterparts in South Korea for illicit digital currency trading. It disclosed that the authorities will not conclude here and will continually monitor if there are any other violations of law especially in relation to foreign exchange rules or money laundering activities.

Earlier also Seoul reported that it is considering the shutting of local cryptocurrency exchanges which sent turmoil in the market and at the very moment bitcoin prices dipped to a great low. Officials afterwards clarified that a direct ban is just being considered and there is no final decision that has been made. The authorities stressed that nothing like it would happen in any near future.

At present, Bitcoin price has gained a little after slipping to $9,800.00 as of 0502 GMT on the Luxembourg-based Bitstamp exchange. The escalated regulatory scrutiny around the world, nevertheless, has seen bitcoin dive about 31 percent so far this month, on track for its greatest monthly decline since December 2013.

Cryptocurrencies got added shock last week after Tokyo-based exchange Coincheck said hackers stole over $500 million in one of the world’s biggest cyber heists.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

For more details on how you can submit an opinion or any news , view our Editorial Policy or email [email protected].

Tags: South Korea Cryptocurrency trading

Hottest Blockchain Newsletter

For updates and exclusive offers, enter your e-mail below.