- South Korea’s authorities issued arrest warrants for the former head of the cryptocurrency exchange Coinone’s listing team.
- Kim is suspected of violating the Criminal Proceeds Concealment Restriction Act.
- All employees of crypto exchanges and listing brokers suspected of transferring money and other assets in exchange for a request to list cryptocurrency have been arrested.
According to News1, the Seoul Southern District Court issued arrest warrants for Kim Mo, the former director of the cryptocurrency exchange Coinone’s listing team, and Hwang Mo, a listing broker, who were accused of receiving bribes to list the currency because they had a “possibility of escape.”
Kim is accused of breaking the Criminal Proceeds Concealment Restriction Act and receiving bribes in breach of duty, while Hwang is accused of bribery in breach of duty.
All crypto exchange and listing broker workers accused of transferring money and other assets in return for a request to list crypto have been detained.
On April 5, the Seoul Southern District Prosecutor’s Office Financial Investigation Division 1 sought arrest warrants for Kim and Hwang on suspicion of collecting hundreds of millions of won in return for a listing. Kim has been charged with breaking the Criminal Proceeds Control Act and breach of trust, while Hwang has been charged with breach of trust.
During the inquiry, Kim is said to have revealed that he earned 1 billion won in total from Aunt and Hwang, another listed broker who was detained and charged last month.
Ko is suspected of bribing Jeon, who was running the listing business at Coinone at the time, with hundreds of millions of won in exchange for listing specific virtual assets such as Pica Coin in 2020. The cryptocurrency that Ko requested has been officially listed on Coinone.
It was proven that Hwang provided Jeon and Kim with a total of 2 billion won in certificates, who were detained and charged on April 7.
Coinone is currently the third largest cryptocurrency exchange in South Korea, behind only Upbit and Bithumb. As of this moment, Coinone holds the ninth largest electronic trading volume globally.
Last month, the Financial Services Commission (FSC), South Korea’s main financial regulator, initiated a comprehensive assessment of the country’s cryptocurrency exchanges. One of them is Coinone.
The FSC intends to investigate the 20 trading sites that do not have licenses to trade fiat KRW. The FSC performed a complete investigation of exchanges that do not operate in fiat markets for the first time.
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