PANews|Jan 19, 2026 05:46
[South Korea Cracks Down on Illegal Foreign Exchange Trading Group Using Crypto Assets, Involving Over 140 Billion KRW]
According to Yonhap News Agency, the Seoul Customs Office in South Korea recently uncovered a group involved in illegal foreign exchange transactions using domestic and overseas crypto asset accounts, with the amount involved reaching 148.9 billion KRW (approximately $113 million). The group received payments through WeChat Pay and Alipay, then purchased overseas cryptocurrencies, transferred them to local wallets, and cashed out, allegedly violating the *Foreign Exchange Transactions Act*. The three suspects include a Chinese male in his 30s. Their operations covered areas such as trade, studying abroad, and medical aesthetics, even attracting clients by offering currency exchange services in the form of surgery fees. The case has been handed over to the prosecution for further processing.
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