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   886

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.

BTC Invesment Profitability to Exceed Traditional Assets

This conclusion was made by Binance Research team in study "What Bear Market?"; since begining of the year the BTC has grown by more than 50%, while oil by 33%
08 May 2019   320

Since the beginning of the year, Bitcoin has grown faster than traditional market assets, including oil, technology companies, real estate and gold. This conclusion was made by Binance Research in the new study "What Bear Market?"

Since the beginning of the year, the price of Bitcoin has grown by more than 50%, while oil - by 33%, tech stocks - by 18%. The price of gold in five months slipped by 1%.

Recently, however, some factors have emerged that may put pressure on the price of Bitcoin. Thus, the recovery of BTC growth slowed down somewhat amid news of a hacker attack on the popular Binance exchange itself, as a result of which 7,000 BTC ($ 40.5 million) were stolen.

Another potentially negative factor for the price of Bitcoin could be the upcoming IEO of the Bitfinex exchange, where Tether stablecoins will be used to purchase LEO tokens for $ 1 billion. It can lead to situation when large players can may actively sell BTC.