news4global
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    Bitcoin At MAJOR Crossroads (IS BTC PRICE ABOUT TO CRASH?)

    Bitcoin At MAJOR Crossroads (IS BTC PRICE ABOUT TO CRASH?)

    Could the FIRST Cryptocurrency Pre Sale Altcoin of 2023 EXPLODE?

    Could the FIRST Cryptocurrency Pre Sale Altcoin of 2023 EXPLODE?

    ये Coins कर सकते बर्बाद ‼️  Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    ये Coins कर सकते बर्बाद ‼️ Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    Quant QNT Price News Today Technical Analysis – Price Now! Quant Price Prediction 2022

    Quant QNT Price News Today Technical Analysis – Price Now! Quant Price Prediction 2022

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    Gravitas: Cryptocurrency: New tool for money laundering

    Gravitas: Cryptocurrency: New tool for money laundering

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    Bitcoin At MAJOR Crossroads (IS BTC PRICE ABOUT TO CRASH?)

    Bitcoin At MAJOR Crossroads (IS BTC PRICE ABOUT TO CRASH?)

    Could the FIRST Cryptocurrency Pre Sale Altcoin of 2023 EXPLODE?

    Could the FIRST Cryptocurrency Pre Sale Altcoin of 2023 EXPLODE?

    ये Coins कर सकते बर्बाद ‼️  Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    ये Coins कर सकते बर्बाद ‼️ Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    Quant QNT Price News Today Technical Analysis – Price Now! Quant Price Prediction 2022

    Quant QNT Price News Today Technical Analysis – Price Now! Quant Price Prediction 2022

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    Gravitas: Cryptocurrency: New tool for money laundering

    Gravitas: Cryptocurrency: New tool for money laundering

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

No Result
View All Result
news4global
No Result
View All Result
Home Regulation

Prosecution ‘Investigating Still-Extant South Korean Terraform Subsidiary’, Exchanges Make Self-regulation Proposal

July 15, 2022
Reading Time: 4 mins read
0
Prosecution ‘Investigating Still-Extant South Korean Terraform Subsidiary’, Exchanges Make Self-regulation Proposal
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

The bigger the economy, the bumpier it gets – POLITICO

February 8, 2023
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

SEC Directs Examiners To Focus on How US Broker-Dealers Are Pitching Crypto – CoinDesk

February 7, 2023
Source: AdobeStock / Joachim Martin

 

South Korean prosecutors have reportedly uncovered evidence of an obscure Terraform Labs subsidiary that appears to exist only “on paper.”

Terraform, the company behind the LUNAC token, the UST stablecoin, and the new LUNA coin, shuttered its South Korean businesses back in April. But per an exclusive TV news report from the South Korean national broadcaster KBS, prosecutors have found information about a firm named FLEXE Corporation. 

Documents filed by the company appear to list Do Kwon, the CEO of Terraform Labs, as FLEXE’s sole executive director. The documents also appear to show that the company is still operational.

A search on Naver, South Korea’s answer to Google, appears to indicate that a firm named FLEXE Corporation is based in the Seocho District of Seoul, in the same building as a company that helped fund Terraform’s foundation.

A KBS reporter visited the address listed as FLEXE Corporation headquarters in the documents. But the reporter was told that there was no such company in the building. A building manager told the reporter that they had never heard of FLEXE Corporation, and that they could find no record of a FLEXE Corporation ever having occupied a space in the building.

KBS explained that prosecutors were “closely” looking into “suspicious” flows of money through the company. It remarked that FLEXE was likely a so-called “paper company.”

In 2019, company records appear to indicate that payments of USD 4.5m and USD 9m were made from the Terraform HQ in Singapore to what appears to be a shell company in the Virgin Islands. The alleged shell company later made payments of USD 9 million to FLEXE and another firm.

An unnamed former Terra developer was quoted as stating that “the flow of money through FLEXE Corporation” had also been “an issue” during a special tax probe of Terraform conducted by the National Tax Service last year.

The media outlet added that the Seoul Southern District Prosecutor’s Office has ordered its Financial Investigation Department to join the Financial Crimes Unit’s existing probe into Terraform.

Exchanges call for listing standards that echo EU, US regulations

Meanwhile, South Korean exchanges have been keen to distance themselves from what politicians have called the “LUNAC/Terra incident.”

Listing and delisting policies have fallen under the spotlight in recent months, with many critical of the fact that exchanges failed to delist LUNAC in a coordinated manner. Some exchanges delisted the coin shortly after the May price drop, while others continued to trade in the coin for several weeks before finally announcing the end of LUNAC support in June.

The government has called on exchanges to create a self-regulating body that can make uniform decisions on delistings.

And Yonhap reported that the Korea Digital Asset Providers Association, a body that comprises a number of smaller domestic crypto exchanges, says that it has created a proposal to create an industry-wide “cryptoasset review committee.” This committee would be charged with deciding which coins could be listed and removed from domestic exchanges’ platforms.

The proposal suggests appointing a number of “external” experts to the committee, to ensure that its actions are impartial and are made in the public’s best interests. It also suggests building guidelines using crypto industry standards set out by EU and United States regulators.

The proposed committee would also be charged with “compliance monitoring,” as well as evaluating coins’ “sustainability” and “level of communication with investors.”

The proposal also includes provisions for monitoring unfair trading practices, such as market manipulation and insider trading.

The body said that adopting its proposal would help exchanges boost investor protection and provide more stable growth for the crypto industry.

Meanwhile, at 10:11 UTC on Friday morning, LUNA coin is trading at USD 1.83, up 6.6% in a day and down 16.5% in a week. 

____

Learn more: 
– Do Kwon Says He’s No Fraudster and Has ‘Great Confidence’ in Terra 2.0
– Following Terra’s Lehman Moment, What’s Next for the Market?

– South Korean Bankruptcy Court Warns of Coming Surge in Crypto-related Cases
– South Korean Crypto Exchanges Prepared to Self-regulate, Says Ruling Party

– South Korean MP Wants to Launch a Fund to Help Struggling Crypto Investors
– Media & Police Investigate Crypto Links as Family Found Dead in South Korean Sea

Share76Tweet47

Related Posts

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

The bigger the economy, the bumpier it gets – POLITICO

by admin
February 8, 2023
0

The bigger the economy, the bumpier it gets  POLITICO

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

SEC Directs Examiners To Focus on How US Broker-Dealers Are Pitching Crypto – CoinDesk

by admin
February 7, 2023
0

SEC Directs Examiners To Focus on How US Broker-Dealers Are Pitching Crypto  CoinDesk

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Long-standing crypto project vs. scam: Ava Labs CEO shares key difference – Cointelegraph

by admin
February 7, 2023
0

Long-standing crypto project vs. scam: Ava Labs CEO shares key difference  Cointelegraph

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Crypto News: What is happening in the World of Cryptocurrency … – Forbes

by admin
February 7, 2023
0

Crypto News: What is happening in the World of Cryptocurrency ...  Forbes

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Hong Kong securities regulator adds crypto personnel for industry supervision – Cointelegraph

by admin
February 6, 2023
0

Hong Kong securities regulator adds crypto personnel for industry supervision  Cointelegraph

Load More
  • Trending
  • Comments
  • Latest

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

March 3, 2022

Bitcoin Is ‘Definitely Not a Fraud,’ CEO of Mobile-Only Bank Revolut Says

March 2, 2022
How online shopping has changed over the last 30 years | National

How online shopping has changed over the last 30 years | National

April 6, 2022
Protocon Announces ‘Contract Model’, an Alternative

Protocon Announces ‘Contract Model’, an Alternative

April 6, 2022

US Commodities Regulator Beefs Up Bitcoin Futures Review

0

Bitcoin Hits 2018 Low as Concerns Mount on Regulation, Viability

0

India: Bitcoin Prices Drop As Media Misinterprets Gov’s Regulation Speech

0

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

0
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

The bigger the economy, the bumpier it gets – POLITICO

February 8, 2023
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Does Bitcoin's current rally mark start of crypto-spring? – wknd.

February 8, 2023
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Fed Board Prohibits Member Banks from Holding Cryptoassets as … – Blockworks

February 8, 2023
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Dubai’s Crypto Regulator Announces Increase In Resources To Handle New Applications – ABP Live

February 8, 2023

Latest News

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

The bigger the economy, the bumpier it gets – POLITICO

February 8, 2023
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Does Bitcoin's current rally mark start of crypto-spring? – wknd.

February 8, 2023

Categories

Site Navigation

  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services
  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services

© 2022 Designed by news4global

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • Videos

© 2022 Designed by news4global