Upbit Cryptocurrency Exchange Raided by South Korean Authorities

Cryptocurrency Exchange Upbit Raided by Korean Authorities

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  • South Korean Authorities Raided Upbit Cryptocurrency Exchange.

South Korea: News reaching Cryptona.co revealed that the offices of Upbit cryptocurrency exchange have been raided by South Korean authorities. An official from the office of the Seoul Southern District Prosecutors, who has asked for anonymity due to office policy, stated that the offices of Upbit, one of the world’s largest crypto exchanges, was raided by prosecutors raided on Thursday 10th and Friday 11th of May. The official refused to give additional details about the raid.

In a notice to its numerous customers, Urbit stated that:

“Upbit is currently under investigation by prosecutors and is cooperating.”

The exchange added that operations such as withdrawals and transactions are not in any way affected and that customers’ assets are safe. Urbit hosted approx. $1.6 bln of crypto transactions in the past 24 hours, making the exchange the largest in South Korea and the fourth largest exchange globally amidst fee-charging venues tracked by Coinmarketcap.com.

Cryptona.co had published reports on South Korea’s crackdown on the digital currency industry to curb undue speculations and illegal activities associated with cryptocurrencies, such as money laundering. This being part of the move by governments all over the globe to curtail the cryptocurrency markets. In the past few months, South Korean regulators have stormed a number of smaller cryptocurrency firms, banned ICOs and barred individuals, foreigners and financial institutions from crypto-related transactions.

Before South Korea’s crackdown on cryptocurrencies, the country had been a good ground for the cryptocurrency craze. The number of local crypto exchanges rose last year, with cryptocurrencies fetching large rewards in the country compared to international markets. However, this growth alarmed regulators including Prime Minister Lee Nak-yon, who stated that digital currencies might corrupt the Korean youth. And the government had since then tightened restrictions.

Presently Bitcoin has dropped in value by about 3.6%.

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