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   180

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.

Genesis Conference to be Held in London

Genesis Conference will cover research and development, regulation, economics and applications issues, taking place in London on February 22
22 February 2018   71

Genesis London Conference will take place on February 22, tackling the most pertinent issues in blockchain space: research and development, regulation, economics and applications.

Genesis London is a platform for researchers, developers and generally anyone interested in blockchain, and its priority is to share knowledge, facilitate productive discourse and filter out the hype.

Location: The CityPoint building, 1 Ropemaker St, London, EC2, UK
Date and time: 9:30AM - 8PM, February 22, 2018

The agenda of the conference includes Privacy and Confidentiality Techniques for Blockchains; Permissioned Business Blockchain Applications and Use-cases; Scalable, Transparent and Post-quantum Secure Computational Integrity, with Applications to Cryptocurrencies; A Rational Protocol Design Treatment of Bitcoin, and more.

The headline speakers include Patrick de Laive, co-founder of TNW; Margarita Khartanovich, head of insight at Binary District; Jack Gavigan, chief operating officer at ZCash; Jeremy Kahn, technology writer for Bloomberg, and many more.