According to ME News, on July 27 (UTC+8), the Korea Customs Service stated that it had seized illegal foreign exchange transactions worth 7.2 trillion Korean won (approximately $4.92 billion) during the first half of this year. The Korea Customs Service reported that 792 cases of illegal foreign exchange transactions were uncovered between January and June, involving violations such as illicit transfer of foreign currency overseas and concealment of overseas assets. Some cases involved export companies receiving payment for exported goods in cryptocurrencies rather than in legal tender such as the U.S. dollar, thereby failing to repatriate foreign exchange earnings to Korea. Korea Customs Service Commissioner Lee Jong-wook said that, given recent volatility in the foreign exchange market is considered one of the major risks to Korea’s economy, the customs service will strengthen cooperation with relevant agencies including the Ministry of Economy and Finance. (Source: Foresight News)
South Korea Seizes $492 Million in Illegal Forex Transactions in H1 2026
KuCoinFlashShare
Summary
South Korea's Customs Service reported seizing 7.2 trillion won ($492 million) in illegal fund transfers during the first half of 2026. From January to June, 792 cases were uncovered, involving hidden overseas assets and crypto-based export payments. Some companies used altcoins instead of fiat currency to circumvent the repatriation of foreign earnings. Director Lee Jong-wook said the agency will strengthen coordination with the Ministry of Economy and Finance amid market instability.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.