South Korean police form dedicated crypto teams

More than a dozen South Korean police forces will deploy dedicated crypto investigative units – and prepare for the effects of the wave of closings that will inundate the country’s crypto industry in the coming weeks.

South Korean police form dedicated crypto teams

South Korean police form dedicated crypto teams

According to EDaily and Money Today, the National Police Department confirmed that it had sent letters to 18 major local forces asking each of them to form a “new group dedicated to dealing with illegal incidents involving cryptocurrencies.”

Over the next few weeks, South Korean police are reportedly preparing for a “potential increase” in various illegal, crypto-related activities, including “unreported sales” and embezzlement. According to reports, police have “expected many crypto exchanges” that have not received operating permits from the Financial Services Commission (FSC) by the Sept. 24 deadline of complaints from disgruntled customers.

There are around 100 exchanges in Korea, but only one has filed the relevant documents with the FSC.

All unlicensed exchanges operating after Sept. 24 will be prosecuted.

South Korean police are hoping to resolve dozens of cases where exchanges have failed to return tokens and fiat currency from customers, with several trading platforms failing to respond to withdrawal requests.

In May of this year, the police also set up a cryptocurrency task force, led by the deputy director of the National Police Service, accused of “responding to illegal activities related to cryptocurrencies.”

The new entities will also be tasked with handling a surge in cryptocurrency-related fraud cases, with multi-million dollar frauds becoming more common and sophisticated than ever.

Employees in other parts of the world have indicated that they are at risk of being overwhelmed by crypto-related crime. In May of this year, the head of the Ukrainian network regulator, Oleksandr Grinchak, urged Kyiv to “legalize” cryptocurrencies and complained that the entire online “black market” is now on cryptocurrencies.

He stated that “all crimes the police are dealing with today may be related to cryptocurrencies,” except for “trademark and copyright infringement.”

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