South Korea: Cryptos Mixed up in $600 Million Illegal Forex Trade

The South Korea government is investigating the use of cryptocurrency in illegal foreign currency exchange, according to a statement.

Released on Jan. 31 by the Korea Customs Service (KCS), the statement alleges that a total of 637.5 billion won worth (or around $600 million) in foreign currencies have been exchanged illegally, including unrecorded capital outflow using cryptocurrencies.

The investigation is part of a broader effort across South Korean authorities to examine cryptocurrency-related activities. It also comes just days after the country’s financial watchdog formally banned anonymous cryptocurrency trading accounts, which took effect on Jan. 30.

While the KCS did not give any name of entities that were accused of illegal currency exchange using cryptos, it outlined methods that are commonly adopted based on its investigation…

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