South Korea has uncovered cryptocurrency offences worth 637.5 billion won ($594.35 million), which includes proscribed foreign exchange trading, a statement released by the country’s customs employment said on Wednesday.
The statement said domestic investors bought 1.7 billion won importance of cryptocurrencies, which they sent to overseas partner companies through practical wallets. The transfers were then converted back into fiat currencies, which amount to unrecorded assets outflows.
The customs office added that it would continue to keep an eye on the use of cryptocurrencies in cases like illegal currency trading or money rewarding.