South Korean customs authorities have arrested 16 people involved in illegal foreign exchange transactions.
Two out of the 16 people are set to be prosecuted, seven were fined for negligence and the probe continues for the remaining seven, according to local media reports.
An investigation by the Korea Customs Service found more than 2.7 trillion won ($2 billion) in illegal foreign exchange transactions related to virtual assets since February.
The Customs inspectors found that a number of the illegal foreign exchange transactions were related to offshore crypto exchanges, with some of the individuals having created companies such as illegal remittance agencies and then disguising trade proceeds from overseas buyers using domestic banks.
