According to reports, South Korean prosecutors are looking into foreign transfers worth more than 2 trillion Korean won ($1.5 billion) at the nation’s banks on the theory that cryptocurrency speculators may have been using them to launder money.
After obtaining pertinent information from the Financial Supervisory Service, the Seoul Central District Prosecutor’s Office is reportedly investigating foreign exchange transactions totaling.
The premium at which Bitcoin and other cryptocurrencies trade in South Korea above international markets is known as the “kimchi premium” since overseas investors aren’t allowed to trade cryptocurrencies there.
During the cryptocurrency bull run last year, the price of Bitcoin in South Korea was at one point 20% higher than the price on a foreign exchange.
