Illegal crypto swaps reach 2.2 billion dollars, 99% of defendants convicted

An analysis of 52 cases involving digital assets in violations of South Korea’s Foreign Exchange Transactions Act revealed total crimes amounting to approximately 3.1 trillion won, or 2.2 billion dollars, excluding acquittals. Seventeen cases involved exchanges between the Chinese yuan and the South Korean won, while 13 cases were related to illegal remittances involving Vietnam. Seven cases each were linked to the Philippines and casinos, as well as swap crimes targeting the kimchi premium. Four additional cases involved gift certificates, duty-free goods, and suitcase traders, with others including XRP exchange and small-sum overseas remittance cases. Out of 95 defendants, including 93 individuals and two corporations, only one was acquitted. Among the 94 convicted, 46 (48.9%) received suspended prison terms, 28 (29.7%) were fined, 19 (20.2%) received prison sentences, and one (1.0%) received a suspended sentence for a fine.

Disclaimer: This content is provided for general branding and informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online events, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets or to use any services. Crypto assets are highly volatile and may result in loss. WEEX services and online events may not be available in all regions and are subject to applicable laws, regulations, and eligibility requirements. You are responsible for ensuring that your use of WEEX services complies with local laws and for carefully assessing the risks before participating in any crypto-related activities.