In South Korea, regulatory pressures on the crypto money market continue unabated. Finally, Bithumb, one of the country’s largest crypto currency exchanges, was targeted by the authorities for allegations that it provided illegal funds to its former CEO. While this development revives the reliability problems in the sector, it gives signs that the regulations in the country may further tighten. Authorities, according to the results of the investigation, new regulations can enter into force, he says.
Police Raid to Bithumb’s headquarters
According to the local media organ, YTN, Seoul Southern Regional Prosecutor’s Office raided Bithumb’s headquarters in Yeoksam-Dong and confiscated the relevant documents. The investigation was initiated on the allegations that the company’s former CEO Kim Dae-Sik had allocated a 3 billion Won (approximately 2 million dollars) fund to obtain a property in Seoul. Authorities are trying to prove the illegal fund flow by examining the company’s financial records in detail.
This event was first examined by the South Korean Financial Inspection Service and then transferred to the Seoul Prosecutor’s Office. Authorities, in the future stages of the investigation, additional evidence will be examined, he said. Within the scope of the investigation, it is stated that BİTLUMB managers can be applied to the testimony and the internal audit processes of the company can be re -evaluated.
The crypto currency exchange was the focus of the police before
Bithumb is known for being a previously leaning stock market on reliability and legal harmony. In 2023, a raid was held in South Korea as part of allegations of crypto currency corruption. At that time, a South Korean deputy had a Wemix Token worth approximately $ 4.5 million and the use of Bithumb and Upbit Exchange in the transactions of these assets. The authority was accused of crying crypto currency during the parliamentary sessions and voting in favor of certain laws. This incident opened the influence of politicians in the country on the crypto money market and their connections with illegal transactions.
South Korea takes various measures to increase transparency in the crypto market. Government officials emphasize that the financial transactions of large stock exchanges should be more closely inspected. This raid against Bithumb is considered as part of the government’s efforts to increase the control over the market. Experts say that such events can lead to more regulations in the crypto currency ecosystem.
