Employees of Korean Regulator Accused of Insider Trading

January 19, 2018

Employees of Korean Regulator Accused of Insider Trading

An official of Financial Supervision Service of South Korea said that the Service began an investigation into possible cases of insider trading by employees of the organization.

Choi Heung-sik, the head of the Service, told that the Service will publicly report on all found cases of insider trading.

According to an article in The Korea Times, he 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."

According to another local newspaper, Yonhap, it is probable that several employees of the Service could be engaged in insider trading.

Recently, more and more reports coming from South Korea stating that the country is going to tighten the cryptocurrency regulation. These news adversely affects Bitcoin price, and employees of the Service were able to use it, since they had access to insider information and some of them allegedly used it to sell their cryptocurrency ahead of time knowing that soon its price would fall. 

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