Illegal Foreign Exchange Involving Cryptocurrency Unearthed in South Korea

On March 7, the General Administration of Customs of the Republic of Korea found that 5.6 trillion won (4.3 billion US dollars) of illegal foreign exchange tra…

Illegal Foreign Exchange Involving Cryptocurrency Unearthed in South Korea

On March 7, the General Administration of Customs of the Republic of Korea found that 5.6 trillion won (4.3 billion US dollars) of illegal foreign exchange transactions involving cryptocurrency, that is, transactions using certain tokens “pickle premium”.

In 2022, the General Administration of Customs of the Republic of Korea found that the amount of illegal overseas transactions involving cryptocurrency amounted to $4.3 billion

Interpretation of the news:


South Korea’s General Administration of Customs recently discovered illegal foreign exchange transactions making use of cryptocurrency. According to reports, the transactions amount to KRW 5.6 trillion or USD 4.3 billion, and involve tokens known as “pickle premiums”.

The use of cryptocurrency for foreign exchange transactions is a growing trend, and while it offers a certain level of flexibility, it is also subject to regulatory scrutiny. In the case of South Korea, the authorities are now investigating the illegal foreign exchange transactions, which raise significant concerns in terms of money laundering and other financial crimes.

Reports indicate that the authorities have already traced the source of the illegal transactions, and have taken action against the parties involved. This includes a number of individuals and entities operating in different parts of the world.

While cryptocurrency has been touted as a modern and revolutionary means of conducting financial transactions, it is not without its risks. The lack of regulation and the anonymity associated with cryptocurrency transactions can make it attractive to criminals, who see it as an easy means of laundering illegal funds.

The recent discovery of illegal foreign exchange transactions in South Korea is a stark reminder of the need for greater caution and vigilance when it comes to cryptocurrency transactions. It underscores the importance of regulatory oversight to ensure that such transactions are conducted in a lawful and transparent manner.

In conclusion, the recent discovery of illegal foreign exchange transactions involving cryptocurrency in South Korea is a warning to financial institutions and regulators globally. If left unchecked, the rise of cryptocurrency use in foreign exchange transactions could create more problems than it solves. Thus, it is important for governments to remain vigilant and exercise caution when it comes to regulating cryptocurrency transactions.

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