South Korea Reportedly Expands Crackdown on Crypto Exchanges

New reports suggest that the South Korean government is intensifying its moves against the country’s bitcoin exchanges.

Reuters reported tonight that Bithumb and Coinone were raided by police and tax office officials on Wednesday and Thursday. Citing employees of the two exchanges, which are among the largest in South Korea, the news service said officials visited their offices amid an investigation into alleged tax evasion.

“Local police also have been investigating our company since last year, they think what we do is gambling,” a Coinone employee told Reuters. The employee said that the exchange was cooperating with the investigation.

Separately, South Korean news service SBS has reported that the South Korean Justice Department is moving to prepare legislation that would pave the way for exchanges in the country to be shut down entirely.

“The Ministry of Justice will set up its own bill, which sees the virtual money brokerage itself as illegal and completely closes the exchange, and plans to start full-fledged ministry discussions this week,” the service reported, according to a translation…

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