Coinnest Heads Accused for Accepting Bribe

As reported, they received 1 billion won (~US$890,000) worth of cryptocurrencies to push coin for a listing 
25 September 2018   639

Prosecutors of the Southern District of Seoul accused two executives of the South Korean exchange Coinnest of taking bribes in exchange for a coin listing. This is reported by with reference to local media.

According to local media resources, executive and operational directors of Coinnest's crypto-exchange were given bribes totaling 1 billion yen (approximately $ 890,000). The main cryptocurrency, figuring in the case, was bitcoin.

The bribe was transferred by representatives of the project, wishing to "push through" the Coinnest listing so-called S-coin. The project director was also charged.

It is known that the first part of the bribe, in the amount of $ 771.2 thousand representatives of Coinnest received in the period from 5 to 6 February. Later on, 2 million S-coin coins worth $ 125,500 were transferred to their account.

According to the accusing party, the fact of receiving a bribe from Coinnest is reinforced by the lack of procedures for studying the technical features of S-coin before its inclusion in the listing.

The incident with S-coin isn't the first for Coinnest. In April 2018, the representatives of the exchange were accused of "breaking the law on special economic crimes, including fraud." The reason was the alleged sale of non-existent coins.

Earlier, according to the results of the inspection of all the South Korean currency-exchange exchanges, it was revealed that the regulators' requirements exceeded half of the existing sites. Among them was Coinnest.

Xapo to Move from Hong Kong to Switzerland

According to Ted Rogers, Xapo president, Switzerland is the best place for crypto companies
23 January 2019   78

The well-known cryptocurrency company Xapo has decided to move the majority of units from Hong Kong to the Swiss “Cryptowalley”, BitcoinExchangeGuide reports.

The main structures of Xapo have worked in Hong Kong for several years. Nevertheless, the company is convinced that Switzerland has a more friendly legal infrastructure in relation to cryptocurrencies. This, Xapo believes, will enable the company to improve the quality of services and better comply with regulatory requirements.

It was one thought that Hong Kong was the holy grail of crypto regulations. But it has become more opaque. It’s a reality of this industry that you have to be agile and react to regulatory changes all the time. Swiss regulators are smart, interested and sophisticated in dealing with the financial markets. 

Ted Rogers

President, Xapo

Also, according to him, Switzerland is the best place to create cryptocurrency and blockchain companies.

Currently, Xapo has about 250 employees. At the same time, only 10 of them work in Zug.