South Korean financial regulators have begun inspections of bank accounts and transactions belonging to crypto exchanges and crypto exchangers. The Financial Intelligence Unit and the Financial Conduct Authority are inspecting these sites en masse under the guise of checking compliance with money laundering regulations.
As you know, South Korea is a leading player in the crypto industry market and all the events that happen there cannot but affect changes in world cryptocurrency rates.
Yesterday, the country's National Tax Service launched an investigation into all operations of South Korea's two largest crypto exchanges: Bithumb and Coinone.
The searches are being carried out not only at the headquarters in Seoul, but also at the offices of exchangers in Gangnam and Yeouido.
Bithumb confirmed the investigation to local media, but said it could not disclose details. However, later, SBS News reported that investigators confiscated the company's financial data and hard drives.
The Financial Intelligence Service and the Financial Supervisory Service are also conducting inspections at Kookmin Bank, Shinhan Bank, NongHyup Bank, Woori Bank, Industrial Bank of Korea and Korea Development Bank.
Surely these events are caused by the country's government's desire to impose a capital gains tax on cryptocurrency investments. The new legislation will also limit the activities of cryptocurrency exchanges in the country and the circle of persons entitled to use their services. Koreans, apparently, will be able to have only one exchange account linked to their real name.
In addition to the tax service, the police also became interested in the activities of Coinone, who began an investigation into “margin transactions carried out through the exchanger.” These transactions are considered gambling and, according to regulators, violate the market capital law.
According to https://freedman.club/
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