Korean Regulator Investigating Staff Insider Trading of Cryptocurrencies

An official from South Korea’s Financial Supervisory Service (FSS) has reportedly said that an investigation is underway into claimed insider trading within his organization.

Choi Heung-sik, governor of the FSS, said the regulator – an executive arm of the Financial Services Commission – will make public any findings on the allegations of illegal trading of cryptocurrency by one of its staff members.

According to the Korea Times, Choi said:

“We’ve acknowledged allegations that an FSS official sold crypto-assets based on insider information before the government’s updated announcement to regulate the market. We are looking into this case.”

The news source also cited Hong Nam-ki, minister of the office for government policy coordination, as saying that policies on trading digital currencies vary between government offices, and it will take time to develop a unified policy on the matter.

Yonhap news agency also indicates that multiple staff may have been involved in insider trading…

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