South Korea’s Korea Customs Service has uncovered an underground remittance operation that allegedly moved more than 150 billion won, or roughly $100 million, through cryptocurrencies. Authorities have referred three suspects for prosecution for violating the Foreign Exchange Transaction Act, according to local media reports. The scheme is said to have operated for nearly four years.
Investigators allege the group collected funds through WeChat Pay and Alipay, converted the proceeds into digital assets via overseas exchanges, and transferred them into South Korean wallets before converting them back into local currency. The transactions were reportedly disguised as legitimate payments, including education fees and medical expenses.
The case underscores the growing complexity of tracking cross-border financial crime involving digital assets. It also comes as South Korea moves to tighten anti-money laundering controls, including expanding Travel Rule requirements and lowering reporting thresholds to curb illicit crypto-linked transfers.
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