Cryptocurrency World Is Watching South Korea & Upbit As Coins Prices Drastically Dropped

South Korean prosecutors have raided the offices of Upbit, the largest exchange in Korea and one of the four world’s largest cryptocurrency exchanges.

Authorities searched the upbits’s offices on Thursday and Friday, according to an official from the Seoul Southern District Prosecutors’ Office, who asked not to be identified citing office policy.

“Upbit is currently under investigation by prosecutors and is cooperating,” the exchange said in a notice to clients, adding that services such as transactions and withdrawals were unaffected and that client assets were safe.

The prices of all cryptos have dropped. the effect on prices started from 48 hours ago while not every one knew why it is happening. Now we have a clear answer on the main reason. Upbit is the largest exchange in Korea and one of the four world’s largest cryptocurrency exchanges and cryptos have already been under pressure for suspected money laundering and illegal activities. Every one in the past year has been looking and countries like Japan USA and Korea to figoure out what the future will look like.

Over the past few months Korean authorities have raided several smaller crypto venues, outlawed initial coin offerings and banned minors, foreigners and financial institutions from domestic exchanges.

Upbit hosted about $1.6 billion of cryptocurrency trades in the past 24 hours, making it the biggest in Korea and the fourth-largest in the world among fee-charging venues tracked by Coinmarketcap.com.

How Korea will be dealing with this case and close future regulations of cryptocurrencies will dictate the prices of the crypto market at least in short term.

Tags: business, technology, news, Cryptocurrencies, raided, bitcoin price dropped, bitcoin, crypto prices, upbit raided, sell off

Mohsen Daemi
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