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Tag Archives: Koreas

Audit Results: South Korea’s Largest Cryptocurrency Exchange Upbit Cleared

Upbit, the largest cryptocurrency exchange in South Korea, has conducted an internal audit amid suspicions of fraud from national authorities. The audit results allegedly disprove the claims that the exchange has falsely reported the amount of funds it holds. South Korea’s Upbit Exchange Claims Internal Audit Disproves Suspicions of Fraud South Korea’s cryptocurrency market came under pressure last week following news ...

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S. Korea’s Largest Exchange UPbit Runs ‘Internal Audit’, Dispels Fraud Allegations

South Korea‘s largest cryptocurrency exchange UPbit said it has conducted an internal audit that disproves suspicions of fraud, local media reported Tuesday, May 15. UPbit, which saw a sudden visit from financial regulators on Friday, May 11, on suspicion officials had faked balance sheets, has yet to publish the audit data, which it claims demonstrates its coin holdings are real. ...

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UPbit Audit Confirms South Korea’s Biggest Cryptocurrency Exchange Not at Fault

Join our community of 10 000 traders on Hacked.com for just $39 per month. A major accounting firm in South Korea has revealed results of an audit of UPbit’s cryptocurrency holdings, confirming that the exchange did not inflate its balance sheet and deceive investors. UPbit Investigation Results to be Released This Week An official police investigation into UPbit, the country’s ...

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South Korea’s Top Financial Watchdog Joins Probe Into Cryptocurrency Exchanges

South Korea’s top financial regulator the Financial Services Commission (FSC) joined the ongoing probe into local cryptocurrency exchanges Sunday, May 13. The FSC will now be taking part in the anti money laundering investigation, hitherto led by the Financial Supervisory Service (FSS), in order to help expand its scope, news outlet Korea Times reports. Commenting on the agency’s move, Vice ...

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Korea’s Financial Supervisory Service to Join Crypto Exchange UPbit Investigation

Join our community of 10 000 traders on Hacked.com for just $39 per month. The Financial Supervisory Service (FSS) of South Korea has joined the investigation into the country’s largest cryptocurrency exchange UPbit. FSS will assist the Korean Financial Intelligence Unit (KIU) and Financial Services Commission (FSC) in evaluating the balance sheet of UPbit and existing regulations on cryptocurrency exchanges. ...

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South Korea’s Biggest Cryptocurrency Exchange Raided by Local Police

Join our community of 10 000 traders on Hacked.com for just $39 per month. UPbit, South Korea’s biggest cryptocurrency exchange, was investigated by local police and 10 investigators after its headquarters in Seoul were raided. Chosun, the country’s biggest mainstream media outlet, reported that the South Korean authorities are suspecting UPbit of illicitly moving customer funds to the account of ...

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S. Korea’s Largest Crypto Exchange Upbit Investigated By Police, Markets React

Upbit, South Korea’s largest cryptocurrency exchange, is being investigated by local police and ten investigators for alleged fraud, local news outlet Chosun reports today, May 11. Upbit is a crypto-only exchange run by a subsidiary of Korean tech giant Kakao, and currently the fourth largest crypto exchange globally by 24-hour trade volume. Chosun reports that police believe the exchange has ...

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South Korea’s Finance Minister – The Merkle

Kim Yong-jin, South Korea’s Deputy Minister of Strategy and Finance, stated at a financial conference held at InterContinental Seoul that the cryptocurrency market is growing exponentially and gaining stability. Minister Kim surprised local investors and cryptocurrency researchers by stating that alternative means of payment such as cryptocurrencies could threaten the foundation of the traditional fiat system. “Cryptocurrencies like Bitcoin and Ethereum, which ...

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