Prosecution and fines for more than 30 people in South Korea for allegedly breaking the country’s ban on overseas crypto transactions.
An investigation into crypto fraud and money laundering reports in South Korea has led to the discovery of about $1.48 billion in illegal overseas crypto currency transactions.
According to The Korea Times, more than 30 people have been implicated by the Seoul Central Customs for breaking the country’s ban on overseas crypto trading. Detailing the alleged crimes committed, Lee Dong-hyun of the Seoul Central Customs’ investigation unit revealed that the criminal acts fell into three categories.
The first group involved people who engaged in foreign crypto exchange trading which is banned in South Korea. The second category involved people who used false remittance records to buy crypto from overseas exchanges. The third category, was revealed that some people used Korean credit cards to make cash withdrawals abroad for the purpose of buying crypto from overseas crypto exchanges.
Meanwhile, a recent report has warned of soaring debt among South Korea’s young adult population given the increased investments in crypto, real estate, and stocks.
