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South Korea uncovers about USD 600 million in illegal cryptocurrency trade

Wednesday 31 January 2018 09:45 CET | News

South Korea has uncovered illegal cryptocurrency foreign exchange trading worth nearly USD 600 million, according to Reuters.

The country’s customs service said in a statement on that about USD 596.02 million worth of foreign exchange crimes were detected. The Asian country has adopted a tough stance on regulating cryptocurrency trading as many locals, including students and housewives, jumped into a frenzied market despite warnings from policy makers around the world of a bubble, the online publication continues.

Effective from January 30, authorities will allow only real-name bank accounts to be used for cryptocurrency trading designed to stop virtual coins from being used for money laundering and other crimes.


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Keywords: Bitcoin, cryptocurrency, cryptocurrency trade, South Korea
Categories: DeFi & Crypto & Web3
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Countries: World
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DeFi & Crypto & Web3






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