Crypto Updates

South Korea’s Ruling Party Sends Team to Wemix Issuer

Large Securities Companies in South Korea Plan to Launch a Crypto Exchange in H1 2023

On Friday, a delegation of lawmakers from
South Korea’s ruling People Power Party (PPP) conducted a visit to the office of Wemade, the
issuer of play-to-earn (P2E) cryptocurrency, Wemix. The visit is part of an ongoing investigation into the crypto holdings of Kim Nam-kuk, former opposition party and now-independent lawmaker, local media Yonhap reports.

Kim reportedly had about 800,000 WEMIX coins worth about six billion won ($4.5 million) in his crypto wallet between January and February 2022. The lawmaker is alleged to have withdrawn his coin holding before South Korea implemented global anti-money laundering body Financial Action Task Force’s (FAFT) travel rule in March last year. The rule demands that crypto exchanges record and report personal data on transactions that exceed a certain threshold.

South Korean prosecutors previously said they failed at securing a warrant to examine the lawmaker’s financial records. However, prosecutors earlier in the week raided Upbit and Bithumb, two local cryptocurrency exchanges where Kim is said to have maintained his digital wallets.

On Sunday, the embattled lawmaker resigned from the main opposition Democratic Party, forcing the party to suspend their ethics inquiry and fact-finding probe into Kim’s activities. In response, PPP disclosed plans to launch an internal task force to investigation the former opposition lawmaker.

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