South Korea Detects $600 mln Illegal Trades

The government of South Korea is investigating the use of cryptocurrency in illegal foreign currency exchange
31 January 2018   429

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.

Japanese 'Money Forward' to Launch Crypto Exchange

Money Forward Financial is going to launch a media crypto platform this summer, and afterwards - a digital assets exchange
24 May 2018   63

The operator of the popular application for personal finance management Money Forward Inc intends to launch a cryptocurrency exchange this year, BC Focus reports.

Japanese fintech-company has been working in this direction since December last year. To implement the plans, the company has already registered a subsidiary division called Money Forward Financial.

Money Forward Financial is going to launch a media cryptocurrency platform, and afterwards - a digital assets exchange. In the future, the company plans to create a number of more advanced solutions for working with crypto-currencies, including automated payment systems and various analytical tools.

Currently, the customer base of the company has about 5 million users. The cloud application of Money Forward Inc for tax accounting and financial management is used by 500,000 Japanese companies and 2,400 accounting firms.

Big Japanese financial institutions are making steps to cryptocurrency business. Mitsubishi UFJ Financial Group (MUFG), world's 5th biggest bank has announced plans to introduce own cryptocurrency by 2019.