South Koreans might be on the front line. The government, media, and regulators increased the scrutiny of the banks’ role in enabling kimchi premium dealers to profit quickly when trading volumes increase. Last month regulators intervened to alert banks about their failure to prevent traders from using wire transfers to buy tokens like bitcoin (BTC) overseas. Traders then try to sell for a handsome profit on domestic cryptocurrency exchanges.
Retail investors’ trading volumes have skyrocketed in response to recent increases in BTC prices. As a result, there are price differences of up to 50% between domestic platforms like Upbit and international platforms like Binance.
By purchasing BTC from over-the-counter sellers some opportunistic traders have attempted to profit from such price discrepancies. Most of these people are based in Japan, Hong Kong, and Mainland China. Foreign exchange trading is already subject to tight laws in South Korea, and officials there have compared it to money laundering.
Energy Kyungjae'ye göre, anonim bankacılık sektörü kaynaklarından alıntı yapan FSS, bir yıldan fazla bir süredir potansiyel sorunların farkındaydı. FSS ayrıca daha önce yerel bankaların çoğunu potansiyel ihlaller konusunda bilgilendirmişti. Medya kuruluşu ayrıca ajansın 2021 yılında uyarılarını "birçok kez" yinelediğini belirtti.
Düzenleyicinin, yukarıda adı geçen Woori ve Shinhan'ın yanı sıra Kookmin Bank, KEB Hana Bank ve Nonghyup Bank'a da gizli uyarılar gönderdiği bildirildi. Görünüşe göre beş bankanın tümü 2021'de FSS'den "kimchi primini hedefleyen arbitraj ticaretine karşı dikkatli olmaları" yönünde talimat almıştı.
But further investigation appears to have uncovered a network of dubious-looking businesses that some have speculated might have been utilized by international participants to launder money.
The Financial Intelligence Unit (FIU) has discovered information regarding “dozens of anomalous transactions” involving an unnamed Daegu-based company as well as related incidents involving potential shell or “paper” companies with locations throughout the nation.
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Source: https://www.thecoinrepublic.com/2022/08/04/south-korean-banks-on-radar-as-regulator-investigates-kimchi-premium-bitcoin-irregularities/