Coinone employees arrested in South Korea

Earlier this week, employees of the South Korean cryptocurrency exchange Coinone were arrested by a court decision. Law enforcement agencies have data on the involvement of detainees in illegal schemes for listing tokens on the trading floor, according to the portal CoinDesk Korea.

The arrest warrant was issued by Seoul Southern District Court Judge Kim Ji-sook on Monday. According to him, the decision to arrest was made due to fears that the suspects might try to leave the country.

The head of Coinone’s digital asset listing division, Kim Mo, is suspected of violating Korean crime concealment laws.

His accomplice, according to the investigation, was the broker Hwang Mo. The latter allegedly paid 2 billion won ($1.51 million) to Kim Mo for listing several digital currencies on the exchange.

The South Korean authorities have been increasing their oversight of the cryptocurrency market over the past few years.

Last November, Parliament announced the need to expand the powers of the Financial Services Commission and the Financial Supervisory Service in the field of control over exchanges and blockchain startups.

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