Crypto platform makes billions of won disappear – 3 suspects arrested in South Korea
Crypto roundup – South Korean authorities bust three people allegedly involved in the transfer of a large amount abroad. They would illegally exploit a 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 make this suspicious transfer.
These three people were arrested as part of an investigation into larger suspicious transactions. This would include two major South Korean commercial banks, Woori and Shinhan. Moreover, these establishments would transfer $3.4 billion abroad.
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Illegal crypto activities
The survey also considers illegal activities related to cryptocurrencies. Authorities accuse those caught of setting up crypto companies without having the necessary documents. Additionally, they would be running a cryptocurrency trading business without registering with the authorities.
According to local media reports, the suspects also benefited from the kimchi premium, which corresponds to the exchange rate difference between the exchange rates applied on South Korean crypto exchanges, which are higher than those on other international platforms.
In fact, these arrests come at a time when South Korean authorities are increasingly monitoring cryptocurrency-related business in the wake of the Terra disaster, while also taking steps to develop regulations that protect consumers and take into account the specifics of the sector. This policy also follows the development of other international policies resistant to cryptocurrencies.
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