South Korea is one of the largest cryptocurrency market in terms of trading volume along with Japan, and USA. More or less Cryptocurrency is widely accepted by the people and the government. Though there is a strong rumor that South Korean government is going to ban Cryptocurrency exchange and Cryptocurrency in general just a couple of month ago. It was just a rumor. Later high profile government officials clarifies the issue of banning cryptocurrency.

Source

South Korea did not banned Cryptocurrency rather they said that government will help to develop the blockchain technology in the country. But Government will not allow any fradulant activities through cryptocurrency. As a result, Government officials and financing regulatory authority keep their eye on Cryptocurrency exchanges so that they can protect the interest of the investors.

Recently, South korean finance authority ordered 12 Cryptocurrency exchange to improve their security and protect its customer. to me, It is fair enough to interfere with the existing system so that Investors are protected. Unfortunately, We have seen lot of cryptocurrency hacking events one after another. We do not want to see more

Just a day before, South Korean Exchange Upbit was investigated by police. Upbit is one of the largest cryptocurrency in the world. Currently, It is the fourth largest Cryptocurrency exchange in terms of 24 hour trading volume. South Korea's Financial Supervisory Commission has said that they have sent 10 investigators to the exchange company to check their financial status. According to Financial Supervisory Commission, Upbit submitted fake balance sheet and deceived the investors.Source

As a result, Crypto market reacts negatively. prices of top coins fall down. Currently, Bitcoin is traded at $8471 (Source: coinmarketcap.com)

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