Upbit, South Korea’s leading crypto exchange under scrutiny
The company had faked about having a coin. To investigate about this matter South Korea’s Financial Supervisory Commission (FSC) took over. They sent 10 investigators to their head offices located in Seoul at 10 am on May 11.
The company also had false information given in their balance sheets. Furthermore, they duped the investors associated with the company. The prosecution wanted to investigate about this matter thoroughly.
The prosecution has also directed an investigation towards the companies into cryptocurrencies. The detailed search is for those companies that have “received funds from a joint check by the Financial Services Commission and Financial Intelligence Unit (FIU)”.
Upbit is one the prominent cryptocurrency exchanges located in South Korea. It is also ranked fourth amongst the top digital currency exchanges in the world.
Image via Upbit