Sentences with phrase «raiding local cryptocurrency exchanges»
South Korean law enforcement agencies are raiding local cryptocurrency exchanges to look into tax evasion, while the government is simultaneously considering banning the trade of virtual currencies there, reports Reuters.
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South Korea's government said on Thursday it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation's police and tax authorities raided local exchanges on alleged tax evasion.
According to Reuters, officials from the National Tax Service raided the offices of both local cryptocurrency exchange Coinone and Bithumb, which is the second largest virtual currency operator in the country.
South Korean police and tax authorities also raided the 2 of the biggest local cryptocurrency exchanges on allegations of tax evasion.
South Korean prosecutors raided three cryptocurrency exchanges this week over suspicions that staff embezzled funds from customers» accounts, according to local news reports.