South Korea Customs Service Reports $600 Mln Of Illegal Crypto Trades129.87

The Korea Customs Service published a press release on Jan. 31 on the status of illegal foreign currency exchanges using digital currency, which reportedly totals 637.5 bln won. The report gave examples of the largest cases when digital currency was illegally exchanged, citing 416.9 bln won illegally exchanged and 21.5 bln remitted due to insufficient funds between Australia and South Korea. Another example involves Japan, where reportedly 53.7 bln won was illegally remitted from Japan to South Korea. South Korean crypto markets have seen turmoil this past month after stricter regulations on crypto trading were introduced, including prohibiting the opening and use of anonymous trading accounts, a law which took effect Jan. 30, and a false report of a country-wide crypto ban.
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