South Korea exchange Upbit in the clear as authorities confirm audit is clean

Sometime last week South Korean exchange were raided by national authorities on suspicion of fraudulent practices. Ubpit had all their financial records confiscated for further investigation, some say the action may have led to sudden decline in markets last week.

But relief came when South Korean cryptocurrency news outlet @CryptoofKorea reported on twitter that the matter had been resolved after audit of their books and found no irregularities.

There are strong possibilities that the strict regulations placed on the South Korean cryptocurrency industry could lead to more raids like these but, it was refreshing to see that Upbit had their house in order. Tight regulations such as these could keep exchanges on their toes, ensuring exchanges to maintain best practices to avoid unfortunate situations but, regulations as these could equally make the environment uncomfortable for  businesses. It is necessary that the governments who wish to enforce regulations find the right balance.