South Korea Seizes Three Crypto Exchanges, Alleges ‎Embezzlement ‎

‎South Korea's regulator said on Wednesday that it has taken control of three ‎cryptocurrency ‎exchanges, and that the venues’ officials have been ‎prosecuted for alleged "embezzlement ‎crimes‏."‏

Discover credible partners and premium clients at China’s leading finance event!

According to local media, the move is aimed at protecting consumer interests against ‎the ‎Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term’s unlawful practices. In other words, the action is not 'directly' related to the ‎government’s recent ‎crackdown to rein in the booming and volatile cryptocurrency sector.‎

Local outlet Yonhap quoted an official as saying one of the ‎suspected exchanges is charged ‎with transferring the virtual assets‎ of a cryptocurrency trader to the account of the exchange’s ‎‎representative or officer.‎

Separately, the FSA prosecutors are expanding their ‎investigations as an undisclosed ‎exchange is accused of operating illegal ‎fundraising business for investing in ‎cryptocurrency-linked ‎products.‎

South Korea's Financial Services Commission didn't disclose further details nor the names of ‎the defendants and only said in ‎a one-sentence statement: "It is ‎difficult to indicate the specific amount of forfeited assets at this point."‎

The latest development comes amid Seoul’s shift toward tighter ‎regulation for ‎cryptocurrencies. South Korea — which has been ‎particularly seized by Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mania — has ‎also been scrutinizing ‎digital currencies exchanges, which were recently hit with massive ‎tax ‎demands, as part of ongoing efforts to control potential ‎systemic risks. ‎

On a related note, the Chairman of South Korea’s Financial Services Commission (FSA) today ‎said he maintains “a negative stance” to the proposed ICO by the country’s internet ‎giant Kakao, which owns the popular messaging app Kakao Talk.