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Friday, January 27, 2023

FTX In Legal Trouble

The South Korean government has announced that it is looking into abnormal trading activity in the country’s foreign exchange market. The Fair Trade Commission (FTC) has decided to scrutinize trading activity which took place inside the country as well. It’s part of an effort called “Fair Trade Commission” which is looking into abnormal trading activity in the country.

As a reminder, Kwon Chor-hyeong is the Executive of the Fair Trade Commission.

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He wrote an article for The Financial Times titled “FTX’s Bankman Fried to Face Market Manipulation Probe”

FTX Faces Huge Complications

In this article, you can see how he explains that FTX is under investigation for market manipulation by his agency.

The South Korean government decided to scrutinize trading activity which took place inside the country as well. The country’s Financial Services Commission (FSC) sent out requests for information to six domestic crypto exchanges, asking them to provide data on their clients’ assets and transactions from January 1, 2018 through February 28, 2019.

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The request for information also extends beyond crypto trading into foreign exchange markets and “abnormal trading activity.” The FSC gave an example of what it considers abnormal trading: “A market participant buys or sells a particular cryptocurrency at inflated prices with the intention of driving up demand or lowering supply.”

The Fair Trade Commission (FTC) will also investigate FX trading to see if there is any abnormal activity, its commissioner Do Kwon told local news outlet Yonhap News Agency. The FTX-S case isn’t the only one the FTC has been looking into recently — it’s part of an effort called “Fair Trade Commission” which is looking into abnormal trading activity in the country.

The government is looking into market manipulation of the foreign exchange market, and they will be looking into transactions that don’t follow normal transactions on the foreign exchange market and fraudulent contracts between different parties.

Takeaway: I would advise that you only do real business with companies with a good reputation. If you do not have a good reputation, then you should try to improve it before you get involved in any business because it could end up being very expensive for you if someone decides to sue them because they were wronged by them in some way or another.

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