January 31, 2018 / 2:44 AM / 6 months ago

S.Korea says uncovered about $600 mln in cryptocurrency crimes

SEOUL, Jan 31 (Reuters) - South Korea has uncovered cryptocurrency crimes worth 637.5 billion won ($594.35 million), which includes illegal foreign exchange trading, a statement released by the country’s customs service said on Wednesday.

The statement said domestic investors bought 1.7 billion won worth of cryptocurrencies, which they sent to overseas partner companies through virtual wallets. The transfers were then converted back into fiat currencies, which amount to unrecorded capital outflows.

The customs office added that it would continue to monitor the use of cryptocurrencies in cases like illegal currency trading or money laundering. ($1 = 1,072.6000 won) (Reporting by Dahee Kim and Cynthia Kim; Editing by Sam Holmes)

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