The National Customs Service (KCS) unveiled an overview of illegal Forex trading practices and discovered cryptomonads of $ 600 million (637.5 billion won) that were illegally traded in South Korea.

The statement also revealed four cases of illegal trade. In the first case, money was transferred from Japan to an unknown country for which 53.7 billion won was sent to another person/entity using cryptocurrencies. In the second case, funds of W 472.3 billion were exchanged between Australia and South Korea. KCS explained that the transfer of funds between countries for the sole purpose of avoiding bank orders and sending money is considered illegal.

In the third case, foreign currencies were sent to a foreign organization (such as cryptocurrencies), which was subsequently converted and delivered to the recipient. In the fourth case, a paper company received a cash prize of 164,700 million and called the purchase of software as a cover-up. KCS said it is going to start investigating cryptocurrency agents and forex traders for money laundering and illegal trade accusations. Other areas that are critically inspected include smuggling drugs using virtual coins. The names of the suspects have not been published in the press release.

The announcement was made on the same day that Finance Minister Kim Dong-yeon said that the cryptocurrency and trade market would not be banned in the country. South Korea, on the other hand, will concentrate on regulating trade in cryptocurrency. The country has worked on the adoption of cryptocurrencies after the Ministry of Justice had originally banished the country offices last year. The ministry also said that early January would prohibit crypto-currency trading. However, this measure was not supported by the Ministry of Finance, as stated in its official statement: “We do not share the same views as the Ministry of Justice on a possible ban on the exchange of cryptomonads”.

Although most ministries continue to support cryptocurrency activities, the South Korean government is doing everything to prevent illegal trade procedures.

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