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Bithumb a ‘Primary Target’ in South Korea’s Crypto Exchanges Probe

Adam James · May 14, 2018 · 5:00 pm

South Korean authorities continue to send mixed signals as the Financial Services Commission broadens the scope of its probe into domestic cryptocurrency exchanges with Bithumb being the “primary target.”

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Auditing Exchanges

As reported by The Korea Times, South Korea’s Financial Services Commission (FSC) is broadening the scope of its probe into domestic cryptocurrency exchange operators while requesting worldwide coordination in regards to cryptocurrency and digital asset regulation.

South Korea Issues Ban on ICOs

Stated an official on Sunday:

Following a request by the Financial Supervisory Service (FSS) and the prosecution to address growing anti-money laundering compliance concerns and possible abuse of cryptocurrencies in money laundering and fraud, the FSC is looking into exchanges’ corporate accounts opened in local banks.

The official also noted that Bithumb indeed appears to be one of the FSC’s primary targets in a wider investigation, though declined to provide further details. However, another official added that UPbit is also under investigation, stating:

The FSC is collaborating with authorities in other countries. Our latest findings show that the domestic exchange faked its balance sheets and deceived investors. The FSC is checking UPbit’s computer system with prosecutors and the FSS to audit the exchange’s virtual currency holdings.

Mixed Signals

The increasingly strict stance seemingly contradicts new FSS governor Yoon Suk-heun’s previously reported claims that he is…

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