South Korea says uncovered about $600 million in cryptocurrency crimes

UNTV News   •   January 31, 2018   •   3420

FILE PHOTO: Broken representation of the Bitcoin virtual currency, placed on a monitor that displays stock graph and binary codes, are seen in this illustration picture, December 21, 2017. REUTERS/Dado Ruvic/Illustration/File Photo

SEOUL (Reuters) – South Korea has uncovered cryptocurrency crimes worth 637.5 billion won ($594.35 million), which includes illegal foreign exchange trading, a statement released by the country’s customs service said on Wednesday.

The statement said domestic investors bought 1.7 billion won worth of cryptocurrencies, which they sent to overseas partner companies through virtual wallets. The transfers were then converted back into fiat currencies, which amount to unrecorded capital outflows.

The customs office added that it would continue to monitor the use of cryptocurrencies in cases like illegal currency trading or money laundering.

Reporting by Dahee Kim and Cynthia Kim; Editing by Sam Holmes

DOTr warns against malicious websites using Tugade’s name as clickbait

Aileen Cerrudo   •   September 10, 2020

The Department of Transportation (DOTr) is warning the public against malicious websites that use the name of Transportation Secretary Arthur Tugade as clickbait.

In an advisory, the department said these websites use Tugade’s driver’s license to lure internet users to a bitcoin website. The website requests users to supply personal information including phone numbers, email address, and passwords.

“The Department of Transportation (DOTr) is warning the public not to access and engage a malicious web page that uses a photo of a fake driver’s license of Transport Secretary Arthur Tugade as clickbait,” the advisory reads.

ADVISORYThe Department of Transportation (DOTr) is WARNING the public NOT TO ACCESS AND ENGAGE a malicious web page…

Posted by Department of Transportation – Philippines on Wednesday, September 9, 2020

The DOTr reiterates that the department and Secretary Tugade are not connected or affiliated with the said websites.

The department also reminds the public to be careful in accessing websites and providing information since it can be used for criminal purposes. AAC

DOF warns public vs bogus cryptocurrency platform

Robie de Guzman   •   May 20, 2020

MANILA, Philippines – The Department of Finance (DOF) has warned the public against an article alleging that the Philippines is creating a platform for its citizens to invest in cryptocurrency.

In a statement, the DOF said the article claiming that the government has created a platform called “Bitcoin Lifestyle” is fake news.

“There is no such effort by the government,” Finance assistant secretary Antonio Joselito Lambino II said.

“We categorically deny that there is such a move, and warn the public against potentially harmful financial transactions with those behind the article,” he added.

The DOF said the fake news article also stated that President Duterte is “urging all citizens of the Philippines to learn about the platform to get involved.

The article also claimed that the “tax revenues will be huge and will benefit all citizens” and “will go to the financing of Philippines’ retirement and to counteract the crisis of learning support services.”

“This is false. We urge the public to exercise caution in their investments, and to keep their expectations of returns realistic,” Lambino said.

The Finance official also urged the public to report similarly suspicious investment schemes to the Enforcement and Investor Protection Department of the Securities and Exchange Commission (SEC), with telephone number 8818-5704.

“We warn unscrupulous individuals and groups attempting to lure the public into unauthorized and deceptive investment schemes that the government is monitoring the public space for such schemes, and will take appropriate legal and regulatory action,” he added.

EXCLUSIVE: G20 financial heads to urge crypto-asset monitoring to safeguard financial stability

UNTV News   •   March 15, 2018

Cryptocurrencies are seen on a website that tracks the value of initial coin offerings (ICO) in this illustration photo taken September 5, 2017. REUTERS/Thomas White/Illustration

BRUSSELS (Reuters) – The world’s financial leaders will call on international standard-setting bodies on March 20 for stronger monitoring of crypto-assets and to assess the need for a multilateral response as such assets could at some point threaten financial stability.

The call appears in a draft communique prepared for the meeting of finance ministers and central bank governors of the world’s 20 biggest economies in Buenos Aires on March 19-20, seen by Reuters.

The financial leaders will say the technological innovation behind crypto-currencies has the potential to improve the efficiency and inclusiveness of the financial system.

“Crypto currencies, however, raise issues with respect to consumer and investor protection, tax evasion, money laundering and terrorist financing. At some point they could have financial stability implications,” the draft communique adds.

“We agree that international standard setting bodies strengthen their monitoring of crypto-assets and their risks… and assess whether multilateral responses may be needed.”

Regulators globally have raised the alarm over cryptocurrencies, saying they may aid money laundering and terrorist financing, hurt consumers and undermine trust in the global financial system.

Japan was the first country to adopt a national system to oversee cryptocurrency trading. It carried out checks on several exchanges this year after the theft of $530 million from one exchange, Coincheck Inc, in January.

France and Germany have said they will make joint proposals to regulate the bitcoin cryptocurrency market.

The head of the European Union’s watchdog said a short-term strategy could be to focus on applying anti-money laundering and terrorist financing rules, warning consumers of the risk of trading in cryptocurrencies and preventing banks from holding them.

The U.S. Securities and Exchange Commission said last week that many online trading platforms for cryptocurrencies should be registered with the regulator and subject to additional rules, in a further sign regulators are cracking down on the digital currency sector.

In a statement, the SEC said these “potentially unlawful” platforms may be giving investors an unearned sense of safety by labeling themselves as “exchanges.” The regulator said these platforms need to register with the SEC as a regulated national securities exchange or as an alternate trading system, or ATS.

Virtual currencies have existed for years but speculation in them has recently ballooned – along with scams promising investors returns of over 1,000 percent in weeks.

In a time of volatile markets, hackers are also active in the sector.

Bitcoin, the best known virtual currency, lost over half its value earlier this year after surging more than 1,300 percent last year.

Reporting By Jan Strupczewski; Editing by Hugh Lawson

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