South Korean Crypto Exchange Faces Illegal Gambling and Money Laundering Charges

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June 7 2018

A South Korean police department has confirmed that it would put forward recommendations for charging local cryptocurrency exchange CoinOne for offering margin trading services that actually constituted illegal gambling, CoinDesk reports citing Korean news outlet Yonhap.

South Korean police cracked down on the exchange platform in August 2017. Following a ten-month investigation, police officers found that nearly 19,000 CoinOne users have participated in the so-called margin trading in the period between November 2016 and December 2017. Of them, 20 traders were targeted after being found to have handled large trading volumes.