South Korea uncovers $600 million in cryptocurrency crimes

Finance


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

Qualtrics files to go public
GoPro’s stock could go higher after holidays
1 in 4 Venmo users’ actions on app can be monetized
IBM slides at the open after revenue miss
The Netflix naysayers were wrong

Leave a Reply

Your email address will not be published.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