Skip to content

South Korean insiders initiated insider trading, bought bitcoins before negotiating Ban Fiasco

According to Choi Heung Sik, director of the Financial Supervision Service of South Korea (FSC), the integrated financial system of the regulator country that examines and supervises financial institutions, several FSC officials and employees sold bitcoin immediately before that the premature declaration on a possible ban on cryptocurrency trading was published by the Minister of Justice Park Sang-ki

Probe for the crime of the insider

At a hearing conducted by the South Korean Finance Committee, opposition training director Ji Sang-wook asked an opposition director, Choi, an allegation of insider trading earlier this week. Ji directly asked Director Choi if one or more FSC employees were selling bitcoin before the Justice Minister's statement was published and in response, Director Choi said "yes".

As the NCC reported previously, on January 11, the South Korean Minister of Justice issued an independent and premature statement at a press conference that the government is considering to consider. Prohibit the trading of cryptocurrency. A few hours later, the press conference was broadcast on national television, the Ministry of Strategy and Finance as well as the Blue House, the executive office of President Moon Jae-in, have officially rebuffed the opportunity impose a ban on cryptocurrency trading. ]

"The proposal to ban cryptocurrency trading introduced by Justice Minister Park Sang-ki was proposed by the Justice Ministry on December 28 to control speculation in the cryptocurrency market The proposal will be discussed and modified by the working group in which the Ministry of Strategy and Finance, the Central Bank, the Fair Trade Commission and other agencies will participate " Jeong Ki-joon.

At a financial committee hearing, the director of FSC Choi admitted that several officials of the agency had committed insider trading by inquiring about the ministry's statement Justice before it is published.

Hong Nam-ki, the head of the state coordination division, said during the hearing that employees or officials accused of initiating crimes of 39 Insiders would be investigated and punished by law. Hong pointed out that the agency will probably enforce a law to prohibit agency officials from negotiating cryptocurrencies, as this would prevent the agency, which is part of the regulatory working group from the cryptocurrency established by the government, to be neutral and transparent. cryptocurrency market.

"The government is currently investigating several government officials suspected of initiating insider trading, since it is not appropriate for a government official. government to exchange cryptocurrencies, the agency will encourage its employees to prevent trading in cryptocurrencies in the short term. "

Citizens Outrage

South Korean citizens, who have already presented a petition to the Blue House signed by more than 250,000 citizens to reject the ban on cryptocurrency trading, have again been outraged by the negligence of the FSC, an agency that is supposed to remain neutral for the benefit of the market and consumers.

The FSC will undeniably face questions as to whether the insider trading initiated by the agency's officials has influenced the motivation of the Minister of Justice to issue a such statement in a subsequent press conference

Image from Shutterstock to photo

Follow us on Telegram.

See also  The bulls are back, Petro Ban returns from Trump and karmic justice: this week in Crypto