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As per a statement released by South Korea’s customs service, it said that the country has uncovered cryptocurrency crimes worth 637.5 billion won ($594.35 million), which includes illegal foreign exchange trading.
The statement said domestic investors bought 1.7 billion Won worth of cryptocurrencies, which they sent to overseas partner companies through virtual wallets. The transfers were then converted back into fiat currencies, which amount to unrecorded capital outflows.
The customs office added that it would continue to monitor the use of cryptocurrencies in cases like illegal currency trading or money laundering.
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