South Korea Finds Nearly $600 Million in Crypto Crime

The ROK Customs Service released a statement claiming it had “uncovered cryptocurrency crimes worth 637.5 billion won ($ 594.35 million),” according to Reuters. It evidently includes illegal currency trading, a statement released by the country’s customs service said Wednesday.
The letter from the Korea Customs Service (KCS) plans to keep “our company safer from illegal overseas transactions,” notes its website. Incident reports mention that South Korean investors have devoured nearly 2 billion won in cryptocurrencies. The tokens and coins would be sent overseas via “virtual wallets”, only to be returned in the form of fiat currencies “equivalent to unrecorded capital outflows,” according to Reuters. South Korea finds nearly $ 600 million in crypto crime

The statement continued: “The Customs Service has closely monitored the illegal trade in currency using cryptocurrencies as part of the government task force.” Reuters further explained: “The $ 472.3 billion illegal foreign exchange trade made up the majority of cryptocurrency crimes, customs said, but did not elaborate on what actions the authorities were taking against rule violations.”

“Among other infringements,” the report continues, “customs said there were also instances where investors in Japan sent their 53.7 billion won in yen to their partners in South Korea for trading. illegal currency “. This series of events comes at the end of a busy few months for the East Asian peninsular nation. Yesterday, US regulators in New York demanded cryptocurrency trading data. New regulations related to cryptocurrency exchanges have also come into effect, essentially eliminating anonymous exchanges.

Wait and See

The Head of State of the Republic also recently issued guidelines on public officials and their involvement in cryptocurrencies. There was a multi-pronged approach to limiting, if not completely eliminating, foreign participation in exchanges, which included South Korean card companies.

South Korea finds nearly $ 600 million in crypto crime

Ecosystem markets were rocked at the end of the year as fears arose that cryptocurrencies would be banned altogether. It turned out to be just a screaming minister, but that sparked a wave of falling prices and spurred national protests to essentially leave cryptocurrencies alone.
As the fourth largest economy in East Asia, South Korea clearly outweighs its weight in the world of cryptocurrencies. “The customs office added that it will continue to monitor the use of cryptocurrencies in cases such as illegal currency trading or money laundering,” Reuters explained. It is not yet known how the market will absorb this ongoing controversy.