Cryptocurrency news report The South Korean authorities are taking strict action against three people allegedly involved in transferring a large sum abroad. They were used illegally Cryptocurrency trading platform.
3 suspects arrested in South Korea
South Korean authorities have arrested three people suspected of being linked to a crypto platform that allegedly transferred 400 billion South Korean won, or About 307 million dollars. It is a multinational bank in Seoul that would have carried out this questionable transfer.
These three individuals were arrested as part of a larger suspicious transaction investigation. This will include two major commercial banks in South Korea, Woori and Shinhan. Moreover, these institutions would have transferred $3.4 billion abroad.
Illegal encryption activities
The survey also looks at Illegal activities related to cryptocurrency. Authorities accuse those arrested of setting up crypto companies without obtaining the required documents. In addition, they will operate cryptocurrency trading without registering with the relevant authorities.
According to local media reports, the suspects also benefited from the kimchi bonus, which corresponds to the exchange rate difference between the rates applied to cryptocurrency exchanges in South Korea, which is higher than those of other international platforms.
In fact, these arrests come at a time when South Korean authorities are increasingly monitoring crypto-related businesses after the Terra disaster, while taking steps to develop Regulations that protect consumers and take into account the specifics of the sector. This policy also follows the movement of other international policies that are resistant to cryptocurrency.
In the face of regulations, don’t be afraid to get wet by diving into a crypto bathroom! Register now on PrimeXBT.