Cryptocurrency Money Laundering Crackdown in South Korea, Valued at 16 Billion Yen

On the 19th, South Korea's customs authorities announced the bust of an international criminal organization involved in laundering approximately 150 billion won (about 16 billion yen) using cryptocurrencies. Three suspects of Chinese nationality have been referred to the prosecutors on suspicion of violating foreign exchange laws. From September 2021 to June 2025, the suspects allegedly used both domestic and international cryptocurrency accounts, along with South Korean bank accounts, to launder money. The funds were reportedly transferred under the guise of payments for foreigners' cosmetic surgery and students' study abroad expenses. The method involved receiving payments from customers through services like WeChat Pay and Alipay, followed by...