• April 23, 2024

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Criminal Transactions in South Korea Exceed $4 Billion

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The South Korean Customs Service has reported that the amount of criminal transactions involving digital currencies in 2022 amounted to 5.6 trillion won ($4.3 billion).

This figure is a nearly 70% increase compared to 2021, when the amount of such transactions was 3.2 trillion ($2.5 billion).

In August of last year, the Customs Service detained 16 people from a criminal group who had laundered around $2 billion through cryptocurrencies.

As of 2017, companies that send and receive funds in cryptocurrencies must obtain a license from regulatory authorities. Without this license, any cryptocurrency operations are considered illegal, which is why the scale of such transactions remains high.