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.
Like this report? Sign up for our daily newsletter to get our top reports.
Leave Your Comment
6 months ago
The Indian government doesn’t consider cryptocurrencies legal tender but will...
7 months ago
India’s finance ministry on Friday cautioned investors about the risks of...
3 months ago
Bitcoin and other cryptocurrencies have grabbed headlines over the last year....