Bitcoin, Crypto currency, Blockchain

Four directors of South Korean cryptobeurzen arrested

In South Korea are four directors of two trading platforms for cryptomunten arrested on suspicion of miljoenenverduistering.

It comes to, among others, the chief of Coinnest, the fifth largest trading platform for digital currencies in South Korea.

The other suspects are not called. They would withdraw money from the accounts of the customers have diverted to their own accounts. The directors are currently being questioned.

It is the first time that employees of local trading platforms in South Korea are arrested. The land belongs to the most important markets in the world for the trade in cryptomunten.


The South Korean government had late last year at the height of the cryptogekte already announced strict action against the illegal trade and financial abuses around cryptomunten.

In South Korea, became so much gamble with the bitcoin that there is often also more for was consideration. That little bit extra compared with the price of international trading platforms is the ‘kimchi-premium’. It is a reference to the eponymous Korean side dish. Now there is no more of a premium in South Korea.


In Japan, meanwhile, steps have been taken towards the legalisation of the introduction of new cryptomunten, the so-called initial coin offerings (ICO’s).

There is much criticism of ICO’s, because the companies they use to be without any form of supervision to collect money. That makes it easier for the issuer of the currency with the money get to go. In South Korea, the US and China are ICO’s, in whole or in part prohibited.

A working group of the Japanese government argues now for a guide to ICO’s. To criminal practices such as embezzlement and money laundering to be prevented. It will still be able to take the recommendations into legislation.

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