{"id":615489,"date":"2023-03-08T07:49:25","date_gmt":"2023-03-08T13:49:25","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/08\/south-korea-uncovers-4-3b-fx-transactions-linked-to-crypto-speculation\/"},"modified":"2023-03-08T07:49:25","modified_gmt":"2023-03-08T13:49:25","slug":"south-korea-uncovers-4-3b-fx-transactions-linked-to-crypto-speculation","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/08\/south-korea-uncovers-4-3b-fx-transactions-linked-to-crypto-speculation\/","title":{"rendered":"South Korea Uncovers $4.3B FX Transactions Linked to Crypto Speculation"},"content":{"rendered":"
\n

The Korea Customs Service in 2022 uncovered a total of 15 cases of
\nillegal foreign exchange transactions purposed for virtual asset speculation.
\nThese transactions were worth 5.6 trillion won (approximately $4.3 billion),
\nlocal media Yonhap News Agency reported on Tuesday. <\/p>\n

The cases are part of overall cases of trade and economy crimes traced
\nby the customs service last year. Overall, illegal transactions flagged by the
\nservice shot up by more than half from the prior year to 8.2 trillion won ($6.2
\nbillion). <\/p>\n

Finance Magnates<\/em> reported in July last year that South Korean watchdogs
\nopened inquiries into \u2018abnormal\u2019 forex transactions worth $3.1 billion<\/a> linked to crypto
\ninvestments suspected of money laundering. The transactions were done at Woori
\nBank and Shinhan Bank, two of the biggest commercial banks in the
\ncountry. <\/p>\n

South Korea\u2019s Financial Supervisory Service, a regulator under the
\nFinancial Services Commission (FSC), reported that moves like these made since February 2021 up
\nuntil July last year were worth 4.1 trillion won ($3.1 billion). The transactions involved crypto exchanges and a domestic
\ntrading company, the watchdog said.<\/p>\n

South Korea Cracks Down on Foreign Crypto Exchanges<\/h2>\n

Despite its small size, South Korea is one of the leading retail crypto
\nmarkets globally as cryptocurrency penetration in the country is very
\nhigh. However, since 2017, the country under its Foreign Exchange
\nTransactions Act started requiring firms engaged in crypto transactions to get
\nregulatory sanctioning from the FSC.<\/p>\n

In August last year, South Korea cracked down on<\/a> 16 overseas
\ncryptocurrency exchanges operating in the country illegally. The
\nplatforms included big brands such as KuCoin and MEXC. <\/p>\n

On the other hand, the Asian country recently started revising decades-old forex transaction
\nrules<\/a> under its Foreign Exchange Transactions Act. The revision follows
\npublic outcry against the limits of the set of policies. As part of the move, the
\ncountry approved nine securities firms to engage in the business of
\ncurrency exchange, serving both corporate and individual customers.<\/p>\n


\n<\/p>\n

Furthermore, the country is making plans to open up its forex markets<\/a> to offshore firms as
\nwell as extend their opening hours to 2am. Finance Magnates<\/em> reported that these changes are to
\nbe implemented during the second half of 2024.<\/p>\n<\/div>\n

\n

The Korea Customs Service in 2022 uncovered a total of 15 cases of
\nillegal foreign exchange transactions purposed for virtual asset speculation.
\nThese transactions were worth 5.6 trillion won (approximately $4.3 billion),
\nlocal media Yonhap News Agency reported on Tuesday. <\/p>\n

The cases are part of overall cases of trade and economy crimes traced
\nby the customs service last year. Overall, illegal transactions flagged by the
\nservice shot up by more than half from the prior year to 8.2 trillion won ($6.2
\nbillion). <\/p>\n

Finance Magnates<\/em> reported in July last year that South Korean watchdogs
\nopened inquiries into \u2018abnormal\u2019 forex transactions worth $3.1 billion<\/a> linked to crypto
\ninvestments suspected of money laundering. The transactions were done at Woori
\nBank and Shinhan Bank, two of the biggest commercial banks in the
\ncountry. <\/p>\n

South Korea\u2019s Financial Supervisory Service, a regulator under the
\nFinancial Services Commission (FSC), reported that moves like these made since February 2021 up
\nuntil July last year were worth 4.1 trillion won ($3.1 billion). The transactions involved crypto exchanges and a domestic
\ntrading company, the watchdog said.<\/p>\n

South Korea Cracks Down on Foreign Crypto Exchanges<\/h2>\n

Despite its small size, South Korea is one of the leading retail crypto
\nmarkets globally as cryptocurrency penetration in the country is very
\nhigh. However, since 2017, the country under its Foreign Exchange
\nTransactions Act started requiring firms engaged in crypto transactions to get
\nregulatory sanctioning from the FSC.<\/p>\n

In August last year, South Korea cracked down on<\/a> 16 overseas
\ncryptocurrency exchanges operating in the country illegally. The
\nplatforms included big brands such as KuCoin and MEXC. <\/p>\n

On the other hand, the Asian country recently started revising decades-old forex transaction
\nrules<\/a> under its Foreign Exchange Transactions Act. The revision follows
\npublic outcry against the limits of the set of policies. As part of the move, the
\ncountry approved nine securities firms to engage in the business of
\ncurrency exchange, serving both corporate and individual customers.<\/p>\n


\n<\/p>\n

Furthermore, the country is making plans to open up its forex markets<\/a> to offshore firms as
\nwell as extend their opening hours to 2am. Finance Magnates<\/em> reported that these changes are to
\nbe implemented during the second half of 2024.<\/p>\n<\/div>\n

Read More<\/a>
\n Solomon Oladipupo<\/p>\n","protected":false},"excerpt":{"rendered":"

The Korea Customs Service in 2022 uncovered a total of 15 cases of illegal foreign exchange transactions purposed for virtual asset speculation. These transactions were worth 5.6 trillion won (approximately $4.3 billion), local media Yonhap News Agency reported on Tuesday. The cases are part of overall cases of trade and economy crimes traced by the<\/p>\n","protected":false},"author":1,"featured_media":615490,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3485,683],"tags":[],"class_list":["post-615489","post","type-post","status-publish","format-standard","has-post-thumbnail","category-korea","category-south"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/615489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=615489"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/615489\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/615490"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=615489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=615489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=615489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}