Illegal forex Bitcoin ‘Kimchi Premium’ trading probed in S.Korea

Prosecutors in South Korea are reportedly investigating international remittances of over 2 trillion Korean gained (US$1.5 billion) on the nation’s banks on suspicions of cash laundering by crypto speculators.

See associated article: US$1.5B South Korean ‘kimchi premium’ crypto scheme prompts 33 arrests

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  • The Seoul Central District Prosecutor’s Office is inspecting international change transactions value 1.3 trillion gained at Shinhan Bank and one other 800 billion gained at Woori Bank after receiving related knowledge from the Financial Supervisory Service (FSS), in keeping with Yonhap.
  • A substantial portion of the transactions have been made to China.
  • Kimchi Premium is a time period used to explain the premium at which Bitcoin and different cryptocurrencies commerce in South Korea over world markets, as international traders are barred from trading regionally in crypto. 
  • The Bitcoin worth in South Korea was as soon as 20% higher than that on a international change final 12 months throughout the crypto bull run.
  • Hana, KB Kookmin and NH Nonghyup Bank additionally present comparable data and could also be investigated in the close to future, in keeping with native information outlet The Asia Business Daily.

See associated article: Illegal international change transactions utilizing crypto in South Korea break file, develop fortyfold


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