South Korea: Authorities arrest 25 Kimchi premium traders
Police in South Korea said the 25 processed $72,000 in illegal BTC trades throughout 2021 on OTC trading platforms, violating the country’s foreign exchange laws.
Police in South Korea said the 25 processed $72,000 in illegal BTC trades throughout 2021 on OTC trading platforms, violating the country’s foreign exchange laws.
South Korea sees a nearly 10% rise in illegal forex transactions tied with digital assets this 2022, forcing authorities to widen the crackdown on the market that led to the arrest of 16 individuals.
South Korea's regulatory board is eyeing sanctions against financial institutions linked to illicit forex transactions to safeguard its digital assets market following intense scrutiny among banks.
The remittances sent abroad are worth over KRW2 trillion and were said to have been made by trading the Kimchi premium, exploiting the difference in prices.