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Three South Korean Crypto exchanges raided by officials.

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Three Crypto Exchanges which were suspected of illegalities have been searched by the South Korean law enforcers. As per reports, the companies have been in the raid list after some suspicious transactions were found in January, 2018. Finally, the officers have raided the exchanges this week.

According to media reports, three cryptocurrency exchanges have been raided by the authorities of South Korea. After a prolonged period of investigation, the raids finally occurred this week.

The suspected exchanges are accused of purchasing Bitcoins with the customers’ money. The Seoul Prosecutors raided the exchanges for three consecutive days from Monday to Wednesday, reported Chosun Ilbo. The Exchange workers are accused of moving the money from the customers’ account to their own. These funds were then invested in other exchanges to buy Cryptos. Whether the companies have gathered up the money by any other fraudulent deals is yet to be found out.

“The firms turned up on our radar in January, during our investigation of suspicious money transfers between bitcoin exchanges”, an official stated. These suspicious funds were found out during an audit by Financial Services Commission and the Financial Intelligence Unit. All the electronic devices including Hard disks, phones, receipts have been taken in possession of the authorities.

Regulatory pressure for the South Korean Officials.

The Officials are trying their level best to control the Crypto Illegalities. Various new ways to stop these irregularities have already been tried. The latest being an identity confirmation procedure with the real identity being provided. The various financial organizations are working towards finding any trace of fraud in these companies.

During the investigation of thirteen exchanges, the Chairman of Fair Trade Commission of South Korea stated that its not possible to shut down the Crypto platforms. Right now , the whole country and the legal system is trying hard to bring the Crypto world on the right track.

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