CJ - Cryptocurrency Specialist
The Financial Supervisory Service, the financial watchdog for South Korea, has discovered that $7.2 billion has been lost through "abnormal" foreign cryptocurrency exchange transactions since June 2022, the majority of which were moved through cryptocurrency exchanges.
Transfers from Hana Bank, Kookmin Bank, Nonghyup Bank, Shinhan Bank, Woori Bank, and seven other domestic institutions were reportedly the subject of an investigation, according to a recent Bloomberg article.
According to other local media sources, South Korean officials searched the Woori Bank in Seoul as part of their investigation.
A suspect foreign exchange transaction that was carried out through a commercial bank was discovered throughout the examination. The act is presently thought to have been motivated by the "kimchi premium," a reference to how pricey the local virtual currency market is. The Woori Bank offices are being searched and sequestered by the Daegu District Prosecutor's Office's prosecutors, who are also looking into one of the bank's workers who is allegedly involved in illicit foreign exchange remittance.
According to a prior report from Bloomberg, South Korea was looking into Woori and Shinhan for the $3.4 billion in international money transfers.
By the end of October, the South Korean bureau's investigation should be complete.
Additional Insights from the Prosecution
It was discovered that 82% of the transfers were conducted in US dollars, with most of the money going to Hong Kong. The Financial Supervisory Service also found more "abnormal" transfers totaling $680 million. Additionally, according to local media, the government seized 259.8 billion won ($184.4 million).
The prosecution had previously shown the existence of multiple fictitious companies engaged in unreported crypto assets trade, as well as the remittance of 400 billion won in foreign money overseas. Three officials were subject to an investigation and detained in relation to the fictitious firms.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards