Police Allege Coinone Margin Trading Is Illegal Gambling

Police suggests that the margin trading of cryptocurrencies on Coinone can be a form of illegal gambling activity and used for money laundering
07 June 2018   347

The South Korean Police Department announced the investigation on the Coinone exchange due to its services in margin trading of cryptocurrencies, CoinDesk reports.

The police refers to the results of their 10-month investigation, during which it was found that 19,000 people participated in margin trading on the platform, and 20 of them became the main defendants of the case because of high trading volumes.

The high-volume traders, as alleged by the lw enforcements, in total handled over 3 billion won ($2.8 million) in 3,000 to 13,000 instances of margin trading using Coinone's service, which is deemed illegal gambling by the police.

Thus, police is going to bring to responsibility three Coinone executives, including its CEO, Muyunghun Cha, and 20 traders with the highest volumes of trades.

At this time we are focused on cooperating with the ongoing investigation, and will continue to do so as the case is in the process of moving over to the Prosecution Service from the Police Agency.
 

Coinone Representative

Coinone provided shoulder-trading services from November 2016 to December 2017, and the investigation, according to Yonhap, was initiated in August 2017.

Zb.com to Open Office at Malta

Country made another step froward to leadership in blockchain industry
16 August 2018   94

Fifth in terms of the daily trading volumee exchange ZB.com announced plans to open a representative office in Malta. This is reported by CCN.

Secretary of the Malta Parliament for Digital Innovation and Finance Silvio Schembri said that the opening of ZB.com will be another step in the country's leadership in the blockchain industry.

At first, the Maltese branch of ZB.com will offer customers only cryptocurrency exchange, and subsequently also plans to add support for the currency. ZB.com will be the third exchange in Malta, following the offices of Binance and Bitbay, which offers the exchange of digital currencies for fiat money.

Malta is perhaps the world’s most progressive and forward-thinking nation in DLT, crypto and fintech, and we are very excited to be part of the Blockchain Island. We are confident we will be able to announce our live operations soon.
 

Jimmy Zhao

Co-founder, ZB.com

Zhao said that he was invited to Malta by his business partners and met with government officials to discuss the possibility of opening a representative office.

According to CoinMarketCap, the volume of deals on ZB.com for the last 24 hours was areoud $ 267M. The most popular trading pairs on the platform are BTC / USDT, Dash / USDT, Qtum / USDT and ETH / USDT.