South Korean Authorities Arrest 16 Suspects Over Illegal Forex Trading, Some Involving Crypto Trading

According to The Block, citing local media reports in South Korea, South Korean authorities have arrested 16 suspects involved in illegal foreign exchange transactions, of which two are facing prosecution, seven will face fines, and the remaining seven are under further investigation. Some suspects bought cryptocurrencies abroad and sold them in South Korea, profiting from the “kimchi premium.” Foresight News previously reported that South Korea’s financial regulator, the Financial Supervisory Service, has begun a year-long investigation into bitcoin’s “kimchi premium,” which includes a probe into 2 trillion won ($1.5 billion) in cross-border remittances.