Cryptocurrency News

Korean regulators investigate banks over $6.5B tied to Kimchi premium

08/16/2022

Less than a minute

2022.08.16 17:41

Korean regulators investigate banks over $6.5B tied to Kimchi premium

South Korean banks are being investigated for their role in facilitating $6.5 billion in suspicious overseas remittances which have been tied to companies arbitraging cryptocurrency.

According to an Aug. 15 report from Asia Times, the Financial Supervisory Service (FSS) ordered an investigation into South Korean banks last month after identifying a significant amount of overseas remittance transactions at the end of June.

08/16/2022

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