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Choi Heung-sik, South Korean FSS: the regulator employees were indeed involved in insider trading


Amidst the recent news from South Korea regarding possible tightening of cryptocurrency regulations, the leader of the South Korean FSS (Financial Supervisory Service) openly admits: some employees of the service, knowing that the price of cryptocoins is going to change due to the announcement soon, decided to bet on exchanges in such a way that it profited them (quite possibly, they sold their assets knowing that the price will go down).

This has been confirmed by the local media outlet called Naver, and Bitnewstoday wishes to remind the readers that every news require confirmation from several independent sources at the very least, so it’s better to monitor the big and serious media outlets and await further confirmation. This website quotes the politician: “Do you know the fact that the FSS staff invested in virtual money and made profits before the announcement of the government measures last December? I am investigating."

Even if this message turns out to be false, there have likely been some examples of insider trading within the governmental bodies across the world, of which common people simply do not know.

The crypto market is currently in decline, and the South Korean authorities played a significant role in this by implying they might introduce possible further restrictions of this sphere.

Meanwhile, another governmental authority has decided to state on cryptocurrency regulation in South Korea: Chairman of South Korean Fair Trade Commission (as cited by the outlet called Joong Ang) tells that shutting down crypto exchanges is impossible and to do so, nobody can have proper authority.


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