South Korea uncovers $600 million in cryptocurrency crimes


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.

Source link

Products You May Like

Articles You May Like

Here are 5 favorite stock ideas from UBS — including Citigroup
Investors find value in emerging market debt
Americans face high gas prices, crowded roads this Memorial Day
25 firms with the most entry-level job applications from college grads
Apple, Exxon, Chevron and GE all have this one thing in common

Leave a Reply

Your email address will not be published. Required fields are marked *