- A total of $740 million AUD ($593 million USD) was transferred overseas in suspected illegal foreign currency transactions.
- The majority of that amount, about $480 million AUD ($384 million USD), related to the exchange of funds between South Korean and Australian bank accounts, according to Korean authorities.
- The transactions emerged after South Korean authorities threatened to ban all cryptocurrency trading.
- The country has tough laws on foreign currency transactions.
South Korean authorities are investigating the illegal transfer of funds to Australia involving cryptocurrency transactions totaling hundreds of millions of dollars.
In a report issued on its Korean-language website, the Korean Customs Service (KCS) said it was investigating illegal foreign currency transactions totaling 637.5 billion Korean won, or around $740 million AUD.
See the rest of the story at Business Insider
- 2 economists just eviscerated bitcoin, saying it should be trading at $20
- Only 48% of ICOs were successful last year — but startups still managed to raise $5.6 billion
- Saudi Arabia is working on an official policy for bitcoin but a ban is unlikely