Given the rapidly increasing number of fraudulent cryptocurrency exchanges, platforms and activities, the South Korean government urgently moved to regulating cryptocurrency exchanges and cracking down
on fraudulent operations.
The consensus is that such banning of cryptocurrencies and ICO ads will cripple the
many fraudulent operations that are clogging up the crypto space.
I therefore denounce the Democratic National Committee Chairman, and his accomplices such as London stooge George Soros, for conducting a
flagrantly fraudulent operation against the vital interests of the United States and civilization generally.
The government emphasized that market manipulators and companies that
initiate fraudulent operations will be heavily punished according to existing financial regulations and policies.
«First, the government of South Korea will continue to struggle with anonymous accounts used for cryptocurrency trading and will punish market manipulations, money laundering, and
fraudulent operations with investigations in which local law enforcement agencies and financial authorities will participate.
The governor iterated that the government should not consider South Korean investors as «foolish and insane» speculator, but instead regulate the cryptocurrency market to prevent false information and
fraudulent operations from affecting local investors.
This is how deep the impact of BitConnect's
fraudulent operation is.
Such a decision to intervene the matter and investigate it further was made after
a fraudulent operation came into limelight involving a scam currency named as «E-Coin».
Chosun, one of South Korea's largest mainstream media outlets, reported that local financial authorities and law enforcement have begun to crackdown on cryptocurrency exchanges with deceptive marketing and
fraudulent operations.
In the upcoming months, the South Korean government and its cryptocurrency task force formed by five ministries and commissions, including the ministry of strategy and finance, will create policies to regulate the South Korean cryptocurrency market, and crackdown on scams and
fraudulent operations, such as the $ 200 mln Ponzi scheme mentioned above and Bitcoin Platinum.