Illegal Forex Trading With Bitcoin Kimchi Premium Investigated In S.Korea
Kimchi Premium
Modified Date:- Published Date:-Categories: Cryptocurrency
Illegal Forex Trading With Bitcoin Kimchi Premium Investigated In S.Korea
Kimchi Premium
Modified Date:- Published Date:-Categories: Cryptocurrency
Illegal Forex Trading With Bitcoin Kimchi Premium Investigated In S.Korea
Prosecutors in South Korea are investigating foreign remittances of 2 trillion Korean won (US$1.5 billion) into the country's banks allegedly by crypto speculators on suspicion of money laundering.
.The Seoul Central District Prosecutors Office is examining foreign exchange transactions worth 1.3 trillion won at Shinhan.
.Bank and another 800 billion won at Woori Bank after receiving relevant data from the Financial Supervisory Service (FSS), according to Yonhap. A substantial portion of the transactions were made to China.
.Several local media reports state that the FSS has identified the companies involved in the transaction as engaging in illegal profit margin trading using bitcoin kimchi premium.
.Kimchi premium is a term used to describe the premium at which bitcoin and other cryptocurrencies trade in global markets in South Korea, as foreign investors are barred from trading in crypto locally.
.The price of bitcoin in South Korea was 20% higher than forex during the crypto bull run last year.
South Korean media have reported that a bitcoin trader has been found guilty and sentenced for illegally trading forex with the cryptocurrency. The alleged crime is one of the first cases of money laundering involving bitcoin in South Korea.