South Korean regulators investigate allegations of insider involvement in crypto-currency insider trading

nRunaway Comment: South Korea’s Financial Supervision Agency announced that according to allegations of insider trading crimes, internal government employees will conduct an investigation of the insider trading of encrypted currency. Alleged insider information refers to the previous government plans to close the exchange, and the plan for the entire cryptocurrency decline after the market have an impact. At present, there are differences within the ROK government regarding the supervisory control of the PRCs, and further coordination and decision-making is still needed.n
nTranslation: Annie_Xun
It is reported that South Korea’s Financial Monitoring Authority (FSS) will conduct an insider investigation within the agency.n
Choi Heung-sik, chief of the FSS, said that as an executive agency of the Financial Services Committee, an employee of an agency will be involved in allegations of illegal insider trading.n
South Korea Times reports:n
n”We have admitted that before a government announced regulatory market news, an FSS official sold allegations of cryptocurrencies on the inside, and we were already investigating the case.”n
nAccording to Hong Nam-ki, head of government policy coordination office in the news, the policy on digital currency transactions among different government departments is different. It will take time to unify policies.n
Yonhae News Agency reported that there may be more than one official involved in insider trading.n
Insider trading was allegedly taking place prior to the announcement by the South Korean government of new domestic regulations on cryptocurrency trading, which to a certain extent is related to the recent decline in the cryptocurrency market.n
And under the statutory constraints, banks have to strengthen the review of the relationship with the cryptocurrency exchange, virtual currency account holders must add identity information, otherwise they will face a fine. Reuters reports officials say the possibility of bans on encryption of currency exchanges is still under consideration and will eventually be decided in plenary sessions of parliament.n

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