South Korea Investigates 20 Pseudo-Crypto Companies

The companies are suspected in using the cryptocurrency claims to boost their share prices
26 February 2018   431

South Korea's Financial Supervision Service initiated an investigation into 20 firms that claim to be associated with the cryptocurrency sector and traded on the local exchange Kosdaq, suspecting them of using unscrupulous methods. This is reported by

The regulator warned investors about "that a number of unfair trade transactions were found in so-called ‘virtual currency-related stocks’ in the stock market." The department notes that in many cases shares price of these companies began to grow.

There has been a frenzy of virtual currency related stocks in the stock market…Many listed companies have announced related business plans such as [launching] virtual currency exchanges and so-called ‘virtual currency themes’. The share price of the virtual currency stock surged due to the announcement of the business plan.

The Korean Banker

The regulator does not mention the names of the companies in respect of whom the investigation was initiated, but the media notes:

  • Mgame,
  • CTL Inc,
  • Woori Technology Investment,
  • SCI Credit Rating & Information,
  • Hanbitsoft, Fourthlink,
  • Makus
  • Igis System.

The Financial Supervision Service promised in the future to closely monitor such inappropriate activity in the market and punish the companies that will be caught in it.

Binance to Spread Crypto Fiat Wings

The list of upcoming jurisdictions was found by the Block
18 January 2019   63

The Block has gained access to the list of jurisdictions in which the largest cryptocurrency exchange Binance intends to launch fiat trading platforms. The latter use technology Binance, but will be separate legal entities.

Alleged Binance New Operation Jurisdictions
Alleged Binance New Operation Jurisdictions

In 2019, the exchange allegedly intends to launch full-scale activities in Malta and in Singapore. At the same time, South Korea, Liechtenstein, Russia, Turkey and Argentina are in the plans.

Note that in October last year, such a platform appeared in Uganda, and just a few days ago - on the island of Jersey.