Authorities with South Korea’s customs service have reportedly arrested 16 people involved in illegal foreign exchange transactions connected to crypto assets worth roughly $2 billion.
According to a Tuesday report from South Korean news agency Newsis, the country’s customs authorities plan to prosecute two unnamed individuals linked to the illicit transactions, impose fines on seven people related to negligence and continue investigating the remaining seven. Since February, the Korea Customs Service’s investigation reportedly discovered more than 2.7 trillion won — roughly $2 billion at the time of publication — tied to transactions with domestic and foreign crypto exchanges.
More than 380 billion won — $283 million — of the reported transactions were facilitated through illegal remittance agencies. According to the report, the charges on two of the individuals stem from alleged violations of Korea’s Foreign Exchange Transactions Act — legislation amended in 2017 that requires...
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