Authorities in South Korea have made the first arrests in a probe involving “abnormal” foreign exchange transactions and crypto investments.
The three people arrested were linked to a remittance platform that transferred 400 billion South Korean won (around $307 million) abroad via a multinational bank in Seoul.
The trio are accused of “setting up paper companies and operating a cryptocurrency trading business without registration.”
The arrests are part of a larger investigation involving two major local commercial banks Woori and Shinhan, that had transferred $3.4 billion worth of funds overseas, and possible links to “illegal crypto-related activities.”