North Korea uncovers cryptocurrency crimes

By Moris Beracha.-

The Customs Service of the Republic of Korea has uncovered cryptocurrency crimes worth about $ 600 million, which includes illegal foreign exchange trading. According to a statement released on its website, the institution said it seeks to keep «our society safer from illegal foreign transactions».

Reports on the incidents mention South Korean investors gobbling up almost $ 2 billion won in cryptocurrencies (about $ 594.35 million). Supposedly, tokens and coins were sent abroad through «virtual wallets,» only to be brought back in the form of fiat currencies «which amount to unrecorded capital outflows.» The statement continues, «Customs service has been closely looking at illegal foreign exchange trading using cryptocurrency as part of the government’s task force.»

Among other breaches, Customs said there were also cases where investors in Japan sent their yen worth 53.7 billion won (the official currency of South Korea and North Korea) to their partners in South Korea for illegal currency trade.

However, the statement does not provide details of the actions to be taken by the authorities against the offenders.

As East Asia’s fourth largest economy, South Korea punches above its weight in the crypto world. «The customs office added that it would continue to monitor the use of cryptocurrencies in cases like illegal currency trading or money laundering,» the statement said. No word yet as to how the market will absorb this current controversy.

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