The Korea Customs Service (KCS) stated on January 31 that a total of 637.5 billion won worth (~ $600 million) in foreign currencies have been exchanged illegally, including unrecorded capital outflow using cryptocurrencies.
The KCS said that illegal foreign currency trading of 472.3 billion formed the bulk of the cryptocurrency crimes, but did not clarify what action authorities were taking against the rule breaches.
In one case, an illegal FX agency collected a total of 1.7 billion won ($1.59 million) from local residents in a form of “electric wallet” coins to transfer it to a partner agent abroad. The partner agent then cashed them out and distributed the settlement to clients based in that country, the KCS said.
According to the KCS, there were also cases where investors in Japan sent their yen worth 53.7 billion won to their partners in South Korea for illegal currency trade.
The KCS said authorities will continue to monitor for any violations of foreign exchange rules or of money laundering activities.