Daily Management Review

South Korea’s customs services uncovers cryptocurrency crimes worth $594.35 million


01/31/2018


Domestic investors have been caught white washing their forex trades and bringing back the funds as fiat currency.



On Wednesday, South Korea’s customs services disclosed it has uncovered cryptocurrency crimes worth $594.35 million (637.5 billion won), including illegal foreign exchange trading.

Having bought 1.7 billion won worth of cryptocurrencies, domestic investors sent them to partners overseas through virtual wallets and were brought back into the country as fiat currency, which amounts to unrecorded capital outflows.

The customs office went on to add that it would continue to monitor the usage of cryptocurrencies in such cases of money laundering and illegal currency trading.
 
References:
reuter.com







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