The Seoul Southern District Prosecutor's Office recently arrested a former Coinone Director, Kim, and listing broker, Hwang, for allegedly taking bribes to list specific crypto coins on the exchange in 2020. As revealed in the investigation, it was discovered that Kim took a total of 1 billion won from Hwang, and Hwang provided a total of 2 billion won in certificates to Jeon and Kim. Coinone is one of South Korea's leading cryptocurrency exchanges, and as of now, it holds the ninth largest electronic trading volume worldwide.

In response to the allegations, the Financial Services Commission in South Korea (FSC) decided to perform a comprehensive assessment of 20 non-fiat-KRW crypto trading sites. This is the first time such investigations have been done by the FSC. The assessment will review the exchanges and gauge the way they handle customer assets, the prevention of money laundering and financial crimes, as well as their security protocols.

The FSC is also looking into non-licensed crypto exchanges in the country to ensure the safety of customers' assets and prevent money laundering activities and other financial crimes. This comes at a time when South Korea is working hard to provide a secure and legal framework for crypto trading in the country.

It is unfortunate that Kim and Hwang were found guilty of bribery and breach of trust in the listing of certain crypto coins, as this could potentially lead to a decline in trust in the digital currency exchanges here in South Korea. As the nation looks to provide a stable environment for those who want to buy and sell cryptocurrencies, such incidents only discourage the growth of digital assets here in the country. As such, the FSC is making sure to review these exchanges thoroughly to ensure no other malicious activities are found. This should help to restore people's trust so that they can confidently invest in these digital currencies.



Other News from Today