South Korea busts illicit foreign exchange trading ring using crypto assets, with the amount involved exceeding 140 billion won.

PANews reported on January 19 that, according to Yonhap News Agency, the Seoul Customs Service recently busted a gang involved in illegal foreign exchange transactions using domestic and overseas cryptocurrency accounts, with the amount involved reaching 148.9 billion won (approximately US$113 million). The gang received payments through WeChat Pay and Alipay, then purchased overseas cryptocurrencies, transferred them to local wallets, and cashed them out, suspected of violating the Foreign Exchange Transaction Act. Three suspects were arrested, including a Chinese man in his 30s. Their business covered trade, education, and cosmetic surgery, even soliciting clients by offering foreign exchange for surgery fees. The case has been transferred to the prosecution.