South Korean authorities broke in an office of one of the largest cryptocurrency exchange.
-Upbit is South Korea’’ largest cryptocurrency exchange
-Authorities had a surprised search in the cryptocurrency exchange office but refused to give details for the purpose of the search
-Upbit has released a statement regarding the search
Following the raid, Upbit has assured that the transactions are unaffected and client’s accounts are in a safe place. Upbit has made $1.6B worth of exchanges in the past 24 hours.
Upbit is the fourth largest cryptocurrency exchange in the world. The South Korean government has been eyeing cryptocurrency exchange platforms to prevent the crimes associated with cryptocurrency industry.
One of the illegal activities that government aims to be avoided include money laundering. In the past, South Korean authorities have broke off smaller cryptocurrency venues in the country.
Authorities have outlawed minors, foreigners and other financial institutions from creating cryptocurrency related transactions. This action by the authorities in South Korea are part of government’s action in regulation of cryptocurrency
Read the article written by Shinhye Kang and Heejin Kim at https://www.bloomberg.com/