Korean Police Raided Bithumb Exchange Again
Bithumb’s Exchange offices in Seoul, South Korea, were raided again, according to local news agencies. In a major raid, the Seoul Metropolitan Police Agency raided the Bitcoin Exchange offices and its parent company Bithumb for alleged fraud in connection with a $25 million token sale and seized more than 1.5 million Korean won ($1,000) in cash and other assets.
According to local media reports, the headquarters of the Gangnam-gu crypto Exchange in Seoul was searched, confiscated, and seized. According to a local publication, the offices of Bithumb Exchange, which serves as the headquarters for the crypto exchange, were raided and seized. According to the local media channel of this publication, the offices and warehouses of Bithumb, a business headquartered in Gangnam in Seoul, was searched and confiscated and the bank accounts of the parent company Bithumb.
The tax officers also searched the office of Bithumb Exchange in the Gangnam-gu district of Gyeonggi province on Wednesday.
When Chinese authorities asked domestic exchanges to stop trading, many traders began to move their business overseas, using Telegram’s apps to process transactions directly from one intermediary to another, BeinCrypto said.
The bureau’s comments backtracked on recent government measures that signaled that a crackdown on cryptocurrency trading would be imminent. Still, the Korean finance minister later said there would be no such ban. Since it sought to regulate the space and legalize the trade in cryptocurrencies, the South Korean government has confused investors about its official stance.
Indeed, South Korean authorities have plans to crack down on cryptocurrency operators in the country and have had their hands full in recent weeks.
According to a report by the Korea Economic Institute of America (KEA), South Korea is pushing ahead with plans to regulate its cryptocurrency tax. South Korea has pushed forward with plans to hold the taxation of bitcoin and other cryptocurrencies in the wake of U.S. government sanctions on its cryptocurrency industry. In response to U.S. sanctions on cryptocurrency activities in North Korea, the South Korean government is pushing ahead with plans to regulate the taxation of bitcoin and other cryptocurrencies.
According to the World Bank, regulators “actions will have international implications, and South Korea accounts for more than half of the world’s foreign exchange trade. Once the South Korean ban is enforced, it will make work here more difficult, if not impossible, “he said. He said the Justice Department had no legal basis to shut down cryptocurrency exchanges, prompting the government to enact legislation. Police in South Korea is also reportedly investigating foreign investors’ possible involvement in the Bithumb exchange and other cryptocurrency companies.
