South Korean Exchange Coinbit Arrested For Fake Volume

[Claudio99]

Can't help but imagine if all countries have same regulations as South Korean maybe just maybe crypto space will be less free from fake volume that's so deceiving for new crypto investors and traders combine.

[carlisle1]

Is this how Strict and functional South Korean authorities regarding crypto?isn't that CoinMarketCapitalization do the same in the past?
but they don't even received suctions?

Well This is what we need in crypto market those damn Fake volume from exchange must be punished and closed so there will be no time that other  exchange do the same.

Can't help but imagine if all countries have same regulations as South Korean maybe just maybe crypto space will be less free from fake volume that's so deceiving for new crypto investors and traders combine.

Yups we will be cleared and progressive if the victimizing from this scam exchange will stop,looking forward regarding this in all countries specially those places that has been the safe haven of cryptos.

[trauchot]

I already long time ago understand that this exchange has a lot of fake volume, but it is not clear why government waited so long, and probably just the enemies of Coinbit decided to make problems for their rivals, now Coinbit will understand that u can be punished for fake volume.

[bittick]

I already long time ago understand that this exchange has a lot of fake volume, but it is not clear why government waited so long, and probably just the enemies of Coinbit decided to make problems for their rivals, now Coinbit will understand that u can be punished for fake volume.

I think its simply because many people complaining to the government and the government are taking action. but in fact any exchanges that manipulate their volume should be punished. but I only expect this to happen only in east asia countries where the laws are very strict and so many regulation with real punishment. There has been so many cases where manipulators or people who did something borderline criminal  within exchange or crypto being detained in east asia. They are really good when it comes to imposing strict rules.

[hrunya102]

A very tough decision, although I hope that other exchanges will also eventually think about it and get rid of bots that wind up the volume.

[tvplus006]

I am surprised that the police check the trading volumes of cryptocurrency exchanges and take adequate measures against violators. I think that the issue of possible concealment of income and, consequently, non-payment of taxes will be resolved here.

Coinmarketcap reacted very quickly to this news, making a warning sign for Coinbit.
https://coinmarketcap.com/exchanges/coinbit/

[tomahawk9]

Between the secuirty forces busting shady exchanges on a monthly basis, the regulatory framework with crypto tax at 20% ^[1] which is honestly low when compared to many other countries, and even the bankers jumping into the crypto bandwagon^[2], things are looking good for crypto adoption in this country

1. https://cointelegraph.com/news/south-korea-could-issue-a-crypto-capital-gains-tax-as-high-as-20
2. https://cointelegraph.com/news/four-of-the-top-five-south-korean-banks-to-offer-crypto-services

[Bossfidelity]

I sincerely never thought that fake volumes on exchanges is a criminal offence until now. I guess south Korea must be a very disciplined country to array the ceo of the exchange. Most exchange I know, use fake volumes and this has been going on since the inception. I hope other exchange learn from this and endeavour to be totally open

[swordking]

South Korean government has done a great job and set a great explore by taking massive actions towards such fake exchange. I think it would be great if all the government bodies will contribute to finding such scammers from the various places in the world.

[Francis Freeman]

Great to see this move. I hope crypto exchanges come under the law and regulations like the stock exchanges are under. This would massively increase the number of people investing in crypto currencies.

[princecharles]

It's actually quite surprising that an exchange can be arrested for fake volumes when it's a practice that almost every exchange is guilty of and that has made it more like a norm in the cryptocurrency space. I feel this move is good as it would help to make exchange cautious of their activities and understand that fake volume is an offence.

[shoreno]

It's actually quite surprising that an exchange can be arrested for fake volumes when it's a practice that almost every exchange is guilty of and that has made it more like a norm in the cryptocurrency space. I feel this move is good as it would help to make exchange cautious of their activities and understand that fake volume is an offence.

yes they can because its like fooling the people to use thier exchange and the exchange can only benefit the most not the users . i agree on you , fake volumes are not new on this space but it always been talked about but only few have been found guilty , there are still exchange that are legit but only been accuse to destroy thier reputation . its better for this exchange to shutdown , so that it will be an example to those that will commit it

[iTradeChips]

Impressive what the South Korean police has done to supress these kinds of exchanges that uses fraud to achieve their goal of making big bucks. Now they won't be able to use their money and that is a lot of money. If the government continue to make drastic moves to topple fraud in cryptocurrency in their country then it might be a good factor to attract cryptocurrency investors from all over the world, to use South Korean products like the exchanges - provided they allow it.

[Hypnosis00]

They should have to pay for it from being liar, creating fake volume just to attract traders? They have got what they want and a big thanks to the police for their response to the complaints. I have to think that the authorities now are giving much attention to scammer, frauds, and any act of illegalities that is usually found online.

It is the unlucky day for the Coinbit exchanger and those people behind this site. They deserve it.

[usm2000]

Excellent initiative by authority south korea, - his i have been meaning heard many project who falsified the data his volume, but i unconvinced because i did not can prove his, with the news me the there are still many who performs cheating

[Kupid002]

Can't help but imagine if all countries have same regulations as South Korean maybe just maybe crypto space will be less free from fake volume that's so deceiving for new crypto investors and traders combine.

not all exchange is regulated and have license so it's hard to happen in addition that every country has different set of rules when having a business like crypto exchange so its not possible to happen to every country. Also other exchange want to be anonymous  so they are running it illegally  without license.

[cabron]

Why can't all authorities act this way and busting all the exchanges that are obviously doing these stuff, there are thousands more exchanges in the list that somehow enticing traders to go to their website. The ones that did IEO for the last 2 years in crypto must have been doing it. They've been ranking up all the time before Binance bought CMC.

[BitcoinPanther]

That's one good boost for crypto regulations. A unregulated industry doesn't mean you can do frauds and make up false claims. This would surely improve the quality of Korean exchanges making good way ahead for other competitors. Even the largest of crypto exchanges are accused of fake volume and as there are no entity to look over them, they get away with everything they want.

Indeed, crypto being decentralized in nature is vulnerable to exploit and manipulation of certain third party services such as exchanges.  I do agree with crypto regulation in order for the crypto industry to establish a more friendly, more trusting environment especially in field of investment.

This is really one good action of the authority and I hope other who practiced wash trading will be the next to get raided.

[Squezzi55]

I'm so satisfied with this decision from the south Korean government , this is one of the few ways to bring back trust into crypto space and I hope that other crypto exchanges will learn never to engage in using fake volumes

[RokokGudangGaram]

That's one good boost for crypto regulations. A unregulated industry doesn't mean you can do frauds and make up false claims. This would surely improve the quality of Korean exchanges making good way ahead for other competitors. Even the largest of crypto exchanges are accused of fake volume and as there are no entity to look over them, they get away with everything they want.

Indeed, crypto being decentralized in nature is vulnerable to exploit and manipulation of certain third party services such as exchanges.  I do agree with crypto regulation in order for the crypto industry to establish a more friendly, more trusting environment especially in field of investment.

This is really one good action of the authority and I hope other who practiced wash trading will be the next to get raided.

I agree with you. Such actions are not only affecting people, being traumatized with trading and all, but also gives bad reputation to crypto industry. If there will be crypto regulations more people will feel assured that it is safe in here.