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Legal Troubles for Directors of Coinone in South Korea

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On April 24th, it was reported that Judge Kim Jong kyi of the 7th Criminal Division of the South District Court in Seoul, South Korea, set the first trial date for former director

Legal Troubles for Directors of Coinone in South Korea

On April 24th, it was reported that Judge Kim Jong kyi of the 7th Criminal Division of the South District Court in Seoul, South Korea, set the first trial date for former director of Coinone, Chun, who was accused of embezzlement of public funds and other charges, on May 4th. Coin broker Gao, who was suspected of providing money to Chun in exchange for a listing request, will also face trial on the same day. During his tenure as the listing director of Coinone, a cryptocurrency exchange, since 2020, Quan was suspected of collecting 2 billion won in listing fees from two brokers, including Gao, for requesting the listing of cryptocurrencies. He is also suspected of listing certain currencies with knowledge that they have market manipulation (commercial interference) purposes. Gao is facing charges of misappropriating public funds and has participated in the listing of over 29 cryptocurrencies. （News1）

South Korean judge has set May 4th as the first hearing date for former director Quan of Coinone, who is suspected of embezzling public funds

On April 24th, 2021, it was reported that the former director of Coinone, Chun, as well as coin broker Gao, will face trials in Seoul, South Korea for charges of embezzlement of public funds and other offenses. This article will dive into the details of the accusations and the cryptocurrency industry in South Korea.

Overview of the Charges

– Former director of Coinone, Chun, is accused of embezzlement of public funds and collecting listing fees from brokers in exchange for listing requests of cryptocurrencies.
– Coin broker Gao is accused of misappropriating public funds and participating in the listing of over 29 cryptocurrencies.
– Chun is also suspected of listing certain currencies with knowledge that they have market manipulation (commercial interference) purposes.

Cryptocurrency Industry in South Korea

– South Korea is one of the largest cryptocurrency markets in the world.
– The government has been cracking down on the industry, implementing regulations on exchanges and ICOs (Initial Coin Offerings).
– In 2017, the government banned ICOs and enforced strict anti-money laundering rules.

The Rise of Cryptocurrency Exchanges

– Cryptocurrency exchanges are platforms that allow people to buy and sell cryptocurrencies.
– There are over 200 cryptocurrency exchanges in South Korea.
– Coinone is one of the top three exchanges in the country.

Embezzlement and Listing Fees

– Embezzlement is the act of dishonestly appropriating funds for personal use.
– Chun is accused of collecting 2 billion won (approximately 1.8 million USD) in listing fees from brokers, including Gao, for requesting the listing of cryptocurrencies.
– These fees are supposed to be used for operational expenses of the exchange.

Misappropriation of Public Funds

– Misappropriation of public funds is the act of taking funds meant for public use for personal use.
– Gao is accused of misappropriating public funds and using them for personal gain.
– He is also accused of participating in the listing of over 29 cryptocurrencies.

Market Manipulation

– Market manipulation is the act of artificially inflating or deflating prices in the market.
– Chun is suspected of listing certain currencies with knowledge that they have market manipulation purposes.
– This is highly illegal and can negatively impact investors who may buy or sell at inflated prices.

Conclusion

The legal troubles for the directors of Coinone highlight the importance of regulation in the cryptocurrency industry. South Korea has implemented strict regulations to prevent illegal activities and protect investors. It is important for exchanges to follow these regulations and maintain transparency to ensure the trust of their users.

FAQs

1. What is Coinone?
– Coinone is a cryptocurrency exchange platform based in South Korea.
2. What are listing fees?
– Listing fees are fees charged by cryptocurrency exchanges to brokers for requesting the listing of cryptocurrencies.
3. Why is market manipulation illegal?
– Market manipulation is illegal because it can negatively impact investors who may buy or sell at inflated prices, leading to financial loss.

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