Unregistered Cryptocurrency Exchanges Exploit Regulatory Loopholes in South Korea

Recently, there have been a number of scams involving unregistered cryptocurrency exchanges in Korea. The scammers had the audacity to file a report on their own, claiming that “all calls from domestic exchanges offering high profits are fraudulent”. This is a typical fraudulent tactic to increase one’s credibility through a situation play that encourages people to join an unregistered illegal exchange instead of a registered exchange. Ohoon Kwon, partner attorney at Cha & Kwon Law Offices described it as “a regulatory evasion in which exchanges operate in South Korea through a workaround without reporting.” 

URL : Unregistered Cryptocurrency Exchanges Exploit Regulatory Loopholes in South Korea