As part of a campaign to identify illegal transactions with cryptocurrencies, deployed by the South Korean Customs Administration, 33 citizens of the country came to the attention of law enforcement agencies.
In addition to the customs of South Korea, other departments of the country also participated in the program. As part of the investigation of operations with cryptocurrencies, prosecutors opened criminal cases against 14 citizens of the country, 15 more people were fined, and four are under investigation.
According to law enforcement agencies, about half of the announced amount, $ 710 million, is associated with illegal currency exchange. The persons involved in such transactions transferred large amounts to third parties after exchanging them on cryptocurrency exchanges. This is very similar to money laundering. Just under $ 700 million is associated with forging payment declarations for buying cryptocurrencies abroad. The remaining funds were used from bank cards issued in South Korea to buy cryptocurrencies abroad.
So, in one of the cases, the owner of the currency exchanger made 17,000 transactions to transfer money received from local cryptocurrency exchanges. The amount was about $ 280 million. He and three of his accomplices are awaiting the trial of the case on violation of the Currency Exchange Act.
In another case, a university student was fined $ 150,000. He made almost $ 200,000 from cryptocurrency trading, but falsified the source of the income.
Recall that now in South Korea there is a large-scale campaign to tighten regulation of the cryptocurrency sphere. Thus, the country’s banks can no longer provide services to cryptocurrency exchanges that do not comply with the KYC and AML rules. In addition, regulators require local exchanges to remove certain cryptocurrencies from their sites, which, according to the regulator, do not meet the requirements for transaction transparency.