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Korean Authorities Investigate 33 People for $1.48B in Illicit Crypto Transactions
Fourteen were referred for prosecution, 15 were fined and four remain under investigation.
Updated Sep 14, 2021, 1:22 p.m. Published Jul 8, 2021, 11:30 a.m.
Thirty-three people were investigated in South Korea for engaging in illicit crypto transactions worth 1.69 trillion won (US$1.48 billion).
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- Fourteen of the people were referred for prosecution, 15 were fined and four remain under investigation, Korea Times reported Wednesday, citing Seoul Central Customs.
- The investigation was conducted between April and September last year into crimes related to digital currencies for the purposes of fraud and money laundering.
- About half the money, just over $700 million, concerned illegal foreign exchange, with a third party being paid to transfer a large amount of funds withdrawn after trading the currency on a crypto exchange.
- Around $680 million concerned falsified remittance records for overseas purchases of crypto and some $83 million concerned making cash withdrawals abroad using Korean credit cards to make crypto purchases.
- "Virtual asset transfers under the guise of trade, travel or study expenses are strictly prohibited," a Seoul customs office official said. "Violators will be subject to criminal prosecution or fines."
Read more: South Korean Banks to ‘Review’ Partnerships With Crypto Exchanges
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