The largest Korean crypto exchange is checked for fraud

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Law enforcement agencies of South Korea visited the country’s largest crypto exchange, UPbit, with an inspection.

As informs CoinDesk Korea, the Office of Public Prosecutor of Southern area of ​​Seoul searched on May, 10th and 11th the head of an exchange in area Gannum. UPbit is suspected of selling crypto-currency assets to clients, which the company never really had.

The Prosecutor’s Office of the South District of Seoul:

“We confiscated hard drives and payment books. The analysis will take several days. “

At the moment, a representative of UPbit told reporters of the publication CoinDesk Korea, that he can not give detailed comments about what happened.

“At the moment I can not answer anything about this confiscation.”

The authorities of South Korea continue to investigate the activities of crypto-exchange exchanges for possible criminal activity within the framework of introducing more stringent regulatory norms.

In March, law enforcement agencies of the Republic of Korea visited the offices of three unnamed crypto-exchange exchanges whose employees were suspected of stealing crypto-currency funds from their clients’ accounts.

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