Professor Oh Jeong-geun: some South Korea investors may simply leave the market after UPbit raid

The South Korean police have made the state of the local market worse by interfering with the normal work of UPbit, several observers from the economic media and experts state.

As a reminder, this raid has happened this May, but the police apparently have not found anything connected with the investigated case. The law enforcement can’t unring the bell and some investors will simply leave the market forever, notes Oh Jeong-geun, professor at Konkuk University. This resembles the view of Taiwanese businessmen towards the activities of the authorities of China: in both cases, the “do no harm principle” has been violated.

UPbit has appeared in the news connected with criminals before, but in a positive way: the organization has designed its own mechanism to search and eliminate frauds by giving out rewards for those who find a new, previously unknown ICO scheme.

The government of South Korea is not planning to close exchanges in the country. In 2017, the Justice Ministry official has voiced the possibility of such measures, but this has met a strong resistance of the local traders and entrepreneurs.

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