South Korean investigators vow crackdown after $6.8bn in crypto used in foreign currency smuggling – DL News
- Crypto-powered foreign currency smugglers moved $6.8 billion to and from South Korea.
- Korea Customs Service launches dedicated team: vows crackdown.
- Service has previously targeted kimchi premium traders.
The Korea Customs Service, the KCS, says that the vast majority of illegal foreign currency transactions it has intercepted over the past five years have involved crypto.
Over the past five years, the service has detected approximately $7.8 billion worth of foreign currency smuggling, wrote The Public. And 83% of that amount, roughly $6.8 billion, involved crypto transactions, said KCS Investigation Bureau director Kim Jeong, YonhapTV News reported.
“We will respond with a crackdown,” Kim said. “The KCS is forming a 126-member…
