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Authorities from South Korea’s customs department have reportedly detained 16 persons involved in unlawful foreign exchange transactions involving crypto assets valued around $2 billion.According to a report published on Tuesday by a South Korean news agency, the country’s customs officials plan to prosecute two anonymous persons involved in the<a href="https://www.coingabbar.com/en/crypto-currency-news-english/percent-unlawful-fx-transactions-involve-cryptocurrencies-acc-south-korea-2" rel="noopener noreferrer nofollow"> illegal transactions</a>, fine seven people for incompetence, and continue investigating the remaining seven.Since February, the<a href="https://www.coingabbar.com/en/crypto-currency-news-english/south-korean-authorities-make-first-arrests-multi-billion-cryptocurrency-probe-2" rel="noopener noreferrer nofollow"> Korea Customs Service</a> has allegedly identified more than 2.7 trillion won — nearly $2 billion at the time of writing — linked to transactions with domestic and overseas cryptocurrency exchanges. Over 380 billion won (approximately $283 million) of the recorded transactions were facilitated by illicit remittance agencies.According to the report, the allegations against two of the individual come from suspected violations of Korea’s Foreign Exchange Transactions Act — legislation modified in 2017 that requires firms engaging in crypto transactions to obtain a regulatory license from the Financial Services Commission.On August 18, South Korea’s Financial Intelligence Unit raided 16 virtual asset service providers in the nation, including KuCoin, Poloniex, and Phemex. The regulatory authorities said the exchanges engaged in commercial activity without being registered and sought to levy penalties and prison time accordingly.According to a July notification from the country’s Financial Services Commission, South Korean crypto exchanges must register themselves by September 24 or risk prosecution and monetary penalties. The country’s National Assembly is also considering numerous pieces of legislation that might have an influence on the cryptocurrency and<a href="https://www.coingabbar.com/en/crypto-blogs-english?tag&#61;blockchain" rel="noopener noreferrer nofollow"> blockchain industries</a>.

South Korean Officials Detain 16 Individuals Connected to $2 Billion in Cryptocurrency Transactions: Report

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