South Korean agencies partner with card firms to block illicit crypto fund transfers

Illegal cross-border fund transfers, including unlicensed foreign exchange schemes involving virtual assets conducted via credit and debit cards, are set to become virtually impossible in South Korea, Newdaily reported. South Korea's Financial Supervisory Service (FSS) and Customs Service signed a public-private partnership memorandum of understanding (MOU) on March 17 with the Credit Finance Association and nine domestic card companies. The plan aims to cut off funding for voice phishing and virtual asset-related crimes by linking and analyzing overseas card usage data with immigration records.