South Korea Seizes 72 Trillion Won in Illegal Forex Transactions H1

Korea Customs Service seized 72 trillion won in illicit forex cases, including crypto export payments, signaling intensified regulatory scrutiny on capital flight.

Woofun AI reports that the Korea Customs Service confiscated assets totaling 72 trillion won (approximately $4.92 billion) linked to illegal foreign exchange activities during the first half of the year. Authorities identified 792 violations between January and June, encompassing unauthorized overseas transfers and asset concealment.

Notably, several instances involved export firms accepting cryptocurrency payments instead of standard fiat currencies like the US dollar. Commissioner Lee Jong-wook announced enhanced coordination with the Ministry of Strategy and Finance to mitigate risks associated with foreign exchange market volatility.