Cryptocurrencies
Korea Finds More ‘Abnormal’ FX Transactions via Crypto Exchanges
- Korea confirms $7.2 billion of unusual money transfers abroad
- Hong Kong was the destination for 72% of fund transfers
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South Korea confirmed more cases of “abnormal” foreign-exchange transactions, mostly related to cryptocurrencies, the nation’s financial watchdog said.
The Financial Supervisory Service discovered an additional $680 million of “abnormal” money transfers, taking the value of confirmed unusual transactions found since June to $7.2 billion, it said in a statement Thursday. Most transactions have involved funds transferred from cryptocurrency exchanges to local companies before the money was sent overseas, the FSS said.