Korea authorities will study the role of banks in the Arbitration of Kimchi Premium for $ 6.5 billion

In July, the FSS began an investigation of the alleged assistance of local banks to foreign transfers into crypto-rhizas in the amount of $ 6.5 billion, which were associated with Kimchi-Premia. About this writes Cointelegraph.

The regulator will study the activities of financial organizations from January 2021 to June 2022 for the withdrawal of capital from the country and money laundering.

Earlier, the media reported that we are talking about the country’s largest banks – Woori Bank and Shinhan Bank. Organizations reports showed that https://gagarin.news/ most of the transfers were initiated from local crypto -streaks to various accounts of Korean companies. Some participants in these schemes were arrested.

The publication did not exclude that during the investigation a larger scale of abuse would be revealed. It is expected that Woori Bank and Shinhan Bank will be completed on August 19. Financial organizations are facing fines.

“We are seriously treated with foreign exchange operations, the sanctions are inevitable”, – Did Hyun, head of FSS.

Thanks to Kimchi Prime, when Bitcoin in South Korea is sold at a higher price in relation to the market, you can extract profit from the prevailing discrepancies. However, difficulties are drawing a ban on opening accounts on local crypto -rhizas for foreign citizens.

According to Cryptoquant, to date, the size of Kimchi-Premium decreased to 3.4% from 20%, which were observed in April.

On August 16, journalist Colin Wu, with reference to Chosun Biz, announced that the South Korean government conducted an investigation against unregistered foreign exchanges, including MexC, Phemex, Kucoin, Bitrue, Poloniex, Coinex and several others. The BitHumb local platform said it would limit deposits and removal of funds from some exchanges from this list.

According to Chosun Biz, The South Korean Government Has Investigated Unregated Overseas Exchange, Including Mexc, Phemex, Kucoin, Bitrue, Poloniex, Coinex, BTCEX ETC. BITHUMB SAID Will Limit Deposits and Withdrawals from Some Exchange. https: // t.Co/DXUHVWZ8U7

– Wu Blockchain (@wublockchain) August 16, 2022

Recall that in October 2021, the South Korean authorities recorded the growth of illegal foreign exchange operations using digital assets. Presumably, this was influenced by the “Kimchi Prize”.

In July 2022, the government of the country postponed the introduction of a tax on bitcoin traders until January 1, 2025.

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