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Report: South Korean Police Conducted A Raid On Cryptocurrency Exchange, Up To $215 Million Worth Of Cryptocurrency Were Frozen

South Korean Police Conducted A Raid On Cryptocurrency Exchange And Was Able To Freeze A $215 Million Worth Of Cryptocurrency

Tuesday, 4 May 2021

/ by Ella Rose
According to Yonhap News Agency, the South Korean police conducted a raid on a cryptocurrency exchange today. The police searched 22 locations, including the exchange’s headquarters and employees’ residences, and finally frozen 2,400. 100 million won (approximately 215 million U.S. dollars) of cryptocurrency. However, the name of the exchange was not mentioned in the report.

Global Trends America was informed that in March of this year, according to the revised Financial Transaction Reporting Act, virtual asset service providers must undergo compliance inspections, verify customer identities, and submit suspicious transaction reports to the Korea Financial Intelligence Agency, and Report to the Financial Services Commission.

The Financial Transaction Reporting Act provides a 6-month grace period for companies engaged in cryptocurrency-related services, during which they are required to complete rectification.

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