South Korea readies ban on cryptocurrency trading after police & tax authorities raid exchanges

South Korea’s justice minister has announced legislation is in the works to ban cryptocurrency trading after police and tax authorities reportedly raided the country’s biggest exchanges in a tax evasion probe.

“There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” Park Sang-ki told a press conference, according to the ministry’s media office.

Earlier an official at Coinone, a major cryptocurrency exchange in South Korea, confirmed to Reuters that “a few officials from the National Tax Service” raided their office this week. The source said police have been investigating the company since last year, suspecting their operations of “gambling.”

The 2nd largest virtual currency exchange in South Korea, Bithumb, was also raided on Wednesday, according to an official who asked to remain anonymous.

“We were asked by the tax officials to disclose paperwork and things yesterday,” the source told Reuters.

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