The South Korean Financial Supervisory Agency collaborates with multiple institutions to crack down on cryptocurrency exchange and illegal withdrawals

The Financial Supervisory Service (FSS), Customs Department, Credit Finance Association, and nine credit card companies in South Korea have signed a "Public Private Partnership Agreement to Block Transnational Criminal Funds". Through correlation analysis of overseas credit card usage details and entry and exit records, the funding chain for telephone fraud and virtual asset crimes is cut off. Under the new mechanism, the Customs Department will provide information on high-risk transaction trends, and the Financial Supervisory Commission will develop guidelines authorizing credit card companies to suspend transactions when anomalies are detected. The system focuses on cracking down on the "foreign exchange" behavior of using overseas credit cards to cash out at overseas ATM machines and laundering money through cryptocurrency.