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South Korea Regulator Looking Into Staff Insider Trading of Cryptocurrencies



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A report from South Korea’s Financial Supervisory Service (FSS) has disclosed that an investigation is ongoing into claims of insider trading within the organization.

Choi Heung-sik, governor of the FSS, said the South Korea regulator – an executive arm of the Financial Services Commission – would publicize any rulings on the allegations of illegal trading of cryptocurrency by one of its staff.

According to a report, Choi said:

“We’ve acknowledged allegations that an FSS official sold crypto-assets based on insider information before the government’s updated announcement to regulate the market. We are looking into this case.”

The news source also claimed that Hong Nam-ki, the minister of the office for government policy coordination, said that regulations on exchanging digital currencies differ between government offices, and it would take quite some time to develop a united policy on the matter.

A separate report also says that numerous staff may have been involved in insider trading.

Hong Nam-ki, the director of the Office of Coordination, said:

“The relationship between the inside and the outside of the company has been investigated by one or two civil servants as I know, and I would like to ask the government officials to refrain from investing once the virtual currency investment is inadequate. There is a bar. ”

The claimed insider trading is said to have happened before Korean regulators announced new regulations on cryptocurrency trading in the country – a shift that has been, associated with the recent slump in prices across the crypto markets.

With the limitations, banks have encountered closer scrutiny over their relationships with cryptocurrency exchanges, and holders of anonymous virtual accounts must now attach their identity or face fines.

A potential ban of cryptocurrency exchange trading is still being discussed, according to officials, and a decision is expected to be made during Thursday’s parliamentary session.

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