South Korea Uncovers 7.2 Trillion Won in Illegal Foreign Exchange Transactions in First Half of Year, Some Involving Cryptocurrency Collections
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South Korea Uncovers 7.2 Trillion Won in Illegal Foreign Exchange Transactions in First Half of Year, Some Involving Cryptocurrency Collections
According to Yonhap News Agency, the Korea Customs Service disclosed that a total of 792 illegal foreign exchange transaction cases were detected in the first half of 2026, involving amounts up to 7.2 trillion won (approximately 4.92 billion USD). The main violations included illegally transferring foreign currency abroad and concealing overseas assets. Notably, some cases involved receiving export payments in cryptocurrency instead of legal currencies such as the US dollar, resulting in export earnings in foreign exchange not being remitted back to South Korea in accordance with regulations. Korea Customs Service Commissioner Lee Jong-wook stated that they will further strengthen collaboration with relevant agencies such as the Ministry of Finance and continue to severely crack down on illegal foreign exchange transfer activities to maintain stability in the foreign exchange market.
Navigating Web3 tides with focused insightsTechFlow News, July 27, according to Yonhap News Agency, the Korea Customs Service disclosed that a total of 792 illegal foreign exchange transaction cases were detected in the first half of 2026, involving amounts up to 7.2 trillion Korean won (approximately 4.92 billion U.S. dollars). Major violations included illegally transferring foreign currency abroad and concealing overseas assets. It is worth noting that some cases involved receiving export payments in cryptocurrency instead of fiat currencies such as the U.S. dollar, resulting in export earnings in foreign exchange not being remitted back to South Korea in accordance with regulations. Lee Jong-wook, Commissioner of the Korea Customs Service, stated that they will further strengthen collaboration with relevant agencies such as the Ministry of Economy and Finance to continue to severely crack down on illegal foreign exchange transfer activities and maintain the stability of the foreign exchange market.
