March 9, 2023

South Koreans Transacted $4.3 Bln through Illegal Crypto Exchanges in 2022

Crypto Exchange

‘No’ Symbol, Accessibility, Adult, Business, Bitcoin, Digital money, Electronic coin

Local sources said South Koreans made transactions worth $4.3 billion (5.6 trillion Korean won) through illegal crypto exchanges in 2022, Cointelegraph reported.

According to numbers published by the Korean Customs Service, South Korean customs said the total amount of money captured in economic crimes increased in 2022 to reach $6.2 billion (8.2 trillion won) after detecting 1,983 cases, compared to $2.5 billion (3.2 trillion won) in 2021.

Although the crypto transactions represented nearly 70% of the overall fund caught in the economic crimes, the surprise was that the $4.3 billion was intercepted in 15 transactions only. These transactions aimed to purchase overseas virtual assets with the intention to sell them inside the country later.

Cointelegraph reported that the customs there arrested 16 people over charges of making crypto-related illegal foreign exchange transactions worth $2 billion in August 2021. In the same month, the South Korean financial intelligence unit took action against 16 cryptocurrency firms, including KuCoin, Poloniex, and Phemex.

Last year, the authorities opened inquiries about transactions worth $3.1 billion linked to crypto investments suspected of money laundering. The transactions were made at Woori Bank and Shinhan Bank, two of the biggest commercial banks in the country.

South Korea is known as one of the pioneering retail crypto markets globally as cryptocurrency penetration in the country is very high.

Author profile

Whether you want to learn about NFT, Blockchain, Web3.0, Metaverse, or any other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.