South Korea: foreign exchange fraud

article have crypto trade worth US$ 600 million:

in South Korea, trade and with Kryptowährungen was examined carefully by government officials. It’s been found that the total value of foreign exchange fraud, where Kryptowährungen were used, is almost $ 600 million. What consequences the Government now it has, is still unclear.

In last January, it has been mainly South Korea that has kept the crypto world in breath and the headlines. So there was conflicting statements of from various government agencies and ministries with regard to a possible deeper prohibition of trade with Kryptowährungen, which first of all by the Ministry of Justice, then by the Ministry of finance but again was rejected. In the end was that Crypto trade in the future simply more regulated and has to take place under hot controlled KYC conditions agreed. The turbulent month of crypto is the title theme of the today published issue of the Kryptokompasses in South Korea and China.

Recent messages from Korea suggest now, that will not necessarily lower the skepticism about Kryptowährungen. So South Korean officials have uncovered illegal activities of crypto, which value amounted overall to converted almost $ 600 million. This number came up in the course of a closer investigation of the use of Kryptowährungen, which were used in illegal currency trading. The Government of South Korea had stepped up last the efforts within the framework of new legislation to identify crypto activities that are related to illegal business.

As opinion of the Korean customs service from the a large part of the illegal Forex trading should have taken place last year between South Korea and Australia in the period from March to December. The money circulating in Kryptowährungen should have been a volume of converted almost $ 450 million.