South Korean Exchange Employees Receive Arrest Warrants

South Korean Exchange Employees Receive Arrest Warrants

A little South Korean cryptocurrency exchange has obtained arrest warrants for some of its employees, including the representative director. According to a local news outlet, arrest warrants have been distributed to some employees of a South Korean crypto exchange recognized as HTS Coin.

South Korean Exchange Receives Arrest Warrants

The main charge is that the representative director is known as Shin, and some of his employees, are assured of taking money that should have nevermore be taken. The news outlet revealed: 

“According to the government, Shin and his employees are assured of taking money out of their accounts by transferring customer funds from a bank account to different account.”

Furthermore, the article says that the 3 individuals are assumed of deceiving investors, falsified records, and used funds from customers’ accounts as the personal account of the exchange.

The exchange signed on its website that all services, excluding Korean, won deposits, working normally.

The website read as follows:

“HTS Coin is currently following the investigation by the prosecution, and we are running diligently. Unlike external affairs, we still have 100% of your deposits and coins. We hold customer deposits and coins that can be withdrawn immediately even if all customers request a withdrawal at the equivalent time.”

This is not the 1st time that the exchange is involved in troubles with the regulatory agencies in the country. Back in February, HTS Coin was not able to sign an arrangement with banks for initiating new accounts.

South Korean Cryptocurrency Exchanges

South Korea has required some regulations to virtual currency exchanges to have the market below control. At the opening of the year, the regulatory officials decided to require stricter standards for exchanges to operate.

Of course, any regulations that would bring legitimacy to the market were greeted by major players in the crypto field.

For example, one of the several important cryptocurrency exchanges in the country, Bithumb, described:

“A right set of regulations will rather nurture the virtual currency market, and we would welcome that.”

At the same time, in April, a blockchain organization in the country wanted to create a self-regulatory framework for the cryptocurrency environment in South Korea.

Jeon Jae-jin, chairman of the association, explained:

“We will build the order of the domestically cryptographic exchange market within the self-regulatory review. By implementing a safeguard for the security of users, we will contribute to ensuring the asset safety.”

#South Korea #Bitcoin News #Korea bitcoin news #Crypto news

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