South Korean police have arrested 25 suspects involved in illegal foreign exchange trading using cryptocurrency, with remittances valued at 71 million dollars

According to Chain Catcher news, as reported by News1, the Jeollabuk-do Police Agency in South Korea held a briefing stating that 25 suspects were arrested for violating the Foreign Exchange Transaction Act. These suspects used cryptocurrency for illegal foreign exchange transactions, with a trading value of up to 100 billion won, approximately 71 million dollars.

It is reported that the investigation found that the suspects aimed to collect payments from clients wanting to remit money from Vietnam, then transfer it from a Vietnamese cryptocurrency exchange to a South Korean cryptocurrency exchange, and finally convert the assets into cash and send it out, thus constituting a crime. (Source link)