After rumours that China will soon ban Crypto Mining in it's country, the world of Coins and Tokens became a little shaky. The Chinese Government does not like providing cheap electricity to it's citizens, if they then go and waste it on mining.
The collapse of the markets came as South Korea had some news no one wanted to hear, the government say that they plan to ban Crypto Trading.
Local Exchanges were raided by the Police and Tax Investigators looking for proof of Tax Evasion yesterday.
Exchanges are still able to operate until the law is changed. The Government will have to draft a bill to ban cryptocurrency trading, this is then put before the National Assembly and must get a majority vote to pass it through as law.
This process can take years before it becomes law.
The offices of CoinOne and Bithumb were two of the offices raided, they were asked to produce paperwork to prove their flow of money and tax.