March 17, 2018
While most cryptocurrency users are familiar with major South Korean exchanges such as Upbit, Bithumb, and Korbit, there are a lot of smaller trading platforms as well. Unfortunately, it appears not all of those platforms have honest intentions as of right now. Three trading platforms currently find themselves in the crosshairs of South Korea’s Financial Services Commission. With an official investigation underway, things are not looking all that great for these three platforms.
Moreover, Yonhap claims that some of the smaller exchanges have resold customer accounts to other platforms to manage personal transactions. It sounds strange, but it seems all three exchanges tried to make their own transactions appear different from what they were in reality. Whether this was done to avoid taxes, avoid suspicion, or skew their overall reporting remains to be determined.