Korea Customs Service: Over 4.3 billion USD in cryptocurrency involved in illegal foreign transactions in 2022

ChainCatcher news, according to Yonhap News Agency, the Korea Customs Service identified illegal foreign currency transactions involving cryptocurrency worth 56 trillion won (over 4.3 billion USD) last year, a staggering 211% increase from 18 trillion won in 2021.

It is reported that South Korean authorities prohibit overseas platforms from providing services to local investors, and illegal arbitrageurs take advantage of the higher prices of certain tokens in South Korea compared to overseas markets. Among the 1,983 illegal overseas transactions discovered by the Korea Customs, 15 involved illegal cryptocurrency trading cases, accounting for nearly 70% of the total amount of 82 trillion won. (Source link)