South Korea: $600 Million Uncovered in Illegal Cryptocurrency Forex Trading

The Korea Customs Service (KCS) has revealed an investigation into illicit Forex trading practices, and uncovered $600 million (637.5 billion won) worth cryptocurrencies that were exchanged illegally in South Korea. The statement further disclosed four instances of illegal tradings. In the first case, money was transferred from Japan to an unknown country whereby┬á53.7 billion won were sent to another person/entity using cryptocurrencies. In the second case, funds worth 472.3 billion Korean won were exchanged between Australia and South Korea. KCS explained that transferring funds between countries with the sole purpose of avoiding bank and remittance fees is considered illegal. In … Continue reading South Korea: $600 Million Uncovered in Illegal Cryptocurrency Forex Trading