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| June 23, 2018

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Split Migrant Families Face ‘Total Labyrinth’

June 22, 2018 |

Amid widespread confusion over President Trump’s executive order on border separations, a senior administration official says many of the children taken from their families have already been reunited with their parents. The official, speaking under condition of anonymity, tells the AP that around 500 of more than 2,300 children…
Newser

TMZ

Guess Who This Brace Face Kid Turned Into!

June 22, 2018 |

Before this curly-haired kid was a famous working actor, he was just another young man straightening up his life in Concord, California. Can you guess who he is?

TMZ.com

Lump on Woman’s Face Turns Out to Have Living Thing Inside

June 21, 2018 |

A Russian woman who watched perplexed as a lump appeared on her face and then moved from one place to the next discovered the lump was alive. Specifically, the woman had a parasitic worm, whose movement she tracked in selfies. Per LiveScience , the woman first photographed the lump below her…
Newser

Fireworks expected as DOJ watchdog Horowitz, FBI boss Wray face Senate Judiciary for hearing

June 17, 2018 |

FBI Director Christopher Wray and Justice Department Inspector General Michael Horowitz are expected to be the centers of attention Monday when they testify before the Senate Judiciary Committee on Horowitz’s bombshell report on the FBI’s investigation of Hillary Clinton’s personal email server.
FOX News

Are three Californias better than one? Voters will face that question in November

June 16, 2018 |

An initiative to break America’s most populous state into three smaller states gathered more than the required 402,468 signatures and earned the right this week to a spot on the Nov. 6 state election ballot.
FOX News

Wall Street Firms Face a New $15 Billion Hurdle in China

June 14, 2018 |

China’s promise to liberalize access to its securities markets comes with a new hurdle for Wall Street firms, leaving them uncertain about meeting hefty asset requirements to do business in the world’s second-largest economy.
WSJ.com: What’s News Asia

Regulator to face questions over unauthorized accounts in banking industry

June 13, 2018 |

The nation’s top bank regulator has found evidence that institutions other than Wells Fargo & Co. may have created accounts without customers’ authorization — and a prominent Democrat wants the regulator to name names.

Ohio Sen. Sherrod Brown, the ranking Democrat on the Senate banking committee,…


L.A. Times – Business

For Americans, This Is the ‘Face of God’

June 12, 2018 |

You can now say you’ve stared into the face of God, or at least a face Americans believe resembles it. Surprisingly, there’s no beard in sight. Instead, faces selected from pairs of photos by more than 500 US Christians tasked with choosing their vision of God combine to show a…
Newser

Face to Face: Kim, Trump Shake Hands

June 12, 2018 |

The big moment has arrived: President Trump and Kim Jong Un—two leaders who were exchanging military threats and personal insults not too long ago—have met face-to-face and shaken hands ahead of their summit in Singapore. The greeting was a friendly one, with Trump grasping the arm of his…
Newser

Korean Crypto Exchange Coinone and 20 Traders to Face Charges Over Margin Trading

June 8, 2018 |

Korean Crypto Exchange Coinone and 20 Traders to Face Charges Over Margin Trading

The South Korean police are reportedly preparing to charge Coinone’s executives, including its CEO, and 20 of the exchange’s members. This follows a 10-month investigation on allegations that the exchange provided gambling services through its crypto margin trading program.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Coinone’s Investigation Concludes

South Korea’s Cybercrime Investigation Unit of the Southern Provincial Police Department announced on Thursday, June 7, its plan to bring charges against Coinone over the exchange’s margin trading service, local media report.

Korean Crypto Exchange Coinone and 20 Traders to Face Charges Over Margin TradingCoinone, which opened in August 2014, is the country’s third-largest cryptocurrency exchange, after Upbit and Bithumb. Its 24-hour trading volume is $ 34,342,088 at the time of this writing, according to Coinmarketcap.

The police are reportedly recommending that the prosecutor’s office charges three of Coinone’s executives, including CEO Myunghun Cha, as well as 20 members. The former will be charged with providing illegal gambling services and the latter with illegally gambling.

In South Korea, gambling is a crime under Chapter 23 of the Criminal Act.

The investigation of Coinone “on allegations that the exchange provided gambling services for margin trading” began in August last year, the Kyunghyang Shinmun wrote, elaborating:

The police concluded that the ‘margin trading’ service of the virtual currency exchange is gambling.

According to the police, “The case was the first investigation related to the operation of a virtual currency exchange and it took considerable time to review the law,” Yonhap conveyed on Thursday.

Crypto Margin Trading vs Gambling

Korean Crypto Exchange Coinone and 20 Traders to Face Charges Over Margin TradingCoinone and its executives have been accused of providing cryptocurrency gambling services through its margin trading program from November 2016 to December last year. The exchange “allowed members to trade up to four times the amount of the deposit (margin) and to pay commission in exchange for the transactions,” the news outlet described, adding:

Margin trading is similar to the credit trading technique of the stock market, but it was based on gambling because it was not authorized by the authorities and that it was targeting virtual currencies instead of stocks.

The investigation reveals that 19,000 Coinone users, between ages 20 and 50, had been using the exchange’s margin service. Most of them are either office workers, unemployed, or self-employed. In particular, 20 members traded over 3 billion won [~US$ 2.8 million]. The news outlet noted that gambling “can be used to collect criminal proceeds, and therefore interest in coins and margin users will be widened according to the results of the trial in the future.”

Coinone Denies Charges

Throughout the investigation, Coinone and its executives denied the charges and maintained that they “did not know it was illegal because there is a similar service in the stock market.” An employee of the exchange was quoted by the news outlet saying:

We do not think it is illegal because it [the service] has been legally reviewed by lawyers before [we started] the margin trading service.

What do you think of South Korean charging Coinone for offering gambling services through margin trading? Let us know in the comments section below.


Images courtesy of Shutterstock and Coinone.


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