Crypto-Linked Illegal FX Trading Cases in South Korea Top $8.8 Billion, 67% of Total Detected
Summary
- Authorities said virtual assets (cryptocurrencies) were used in unregistered foreign-exchange trading (hwanchigi) cases worth 12.1407 trillion won over the past eight years.
- From 2018 through July this year, authorities detected 91 cases of crypto-linked illegal FX trading, accounting for 67% of the total detected value of illegal FX trading, which stood at 18.0297 trillion won.
- Of 34 foreign nationals caught in crypto-linked illegal FX trading, 27 were Chinese nationals. Park said “China is being used as a major route for digital-asset illegal FX trading crimes.”
Forecast Trend Report by Period
Authorities have detected more than 12 trillion won ($8.8 billion) in unregistered foreign-exchange trading, known in Korea as “hwanchigi,” involving virtual assets, or cryptocurrencies, over the past eight years.
According to Digital Asset on September 29, lawmaker Park Soo-young of the ruling People Power Party analyzed data submitted by the Korea Customs Service. The data showed that from 2018 through July this year, authorities detected 12.1407 trillion won ($8.8 billion) in crypto-linked illegal FX trading across 91 cases.
Over the same period, authorities uncovered 177 illegal FX trading cases in total, with a combined value of 18.0297 trillion won ($13.1 billion). Cases involving virtual assets accounted for 51% of the total, while their share by value reached 67%.
Chinese nationals made up the largest share of foreign offenders caught in the crackdown. Of 34 foreign nationals detected in crypto-linked illegal FX trading since 2018, 27 were Chinese. The group also included nationals of Australia, Vietnam, Russia, Indonesia and Egypt.
Park said China is being used as a major route for digital-asset illegal FX trading crimes.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.