Inspection Reason

Due to strict regulations, the trading volume of domestic exchanges in South Korea has fallen sharply. The development of these exchanges has faltered. With the rise of crypto exchanges in North America, South Korean exchanges are facing increasingly fierce competition. In order to help investors better understand the country’s cryptocurrency exchanges, the inspection team went to Seoul for a field visit.

Inspection Process

The business visited this time is Hanbitco, a cryptocurrency exchange, whose address is 541, Bongeunsa-ro, Gangnam-gu, Seoul, South Korea.

The inspection personnel arrived at the destination, an office building at 541, Bongeunsa-ro, Gangnam-gu but didn’t find the logo or name of Hanbitco. Since that the gate to the building was closed, the investigators had to end this trip. 

Inspection Summary

The investigators went to Seoul for a visit to the cryptocurrency exchange Hanbitco and confirmed that its office may not exist at the alleged office building. Investors are advised to choose this exchange carefully.

Inspection Statement

The above content and opinions are for reference only and advised not to be taken as the basis for decision making.