South Korean customs uncovers 47 illegal crypto money exchangers

South Korea's Korea Customs Service has uncovered 47 money exchange businesses involved in illegal activities, including those handling virtual assets, TV Chosun reported. The businesses were cited for violations such as failing to maintain or falsifying exchange ledgers. The agency has been conducting a focused crackdown since March, targeting 104 of the country's 1,320 money exchange businesses. The targeted businesses were selected based on their location in areas with high concentrations of foreigners and tourists or on suspicion of their involvement in illegal remittances using virtual assets. Cho Han-jin, head of the Foreign Exchange Investigation Division at the Korea Customs Service, stated that illegal virtual asset exchanges are spreading throughout Seoul, including in the Myeong-dong and Gangnam districts. He noted that methods for illegal currency swapping have diversified, now incorporating simple payment services like WeChat Pay and Alipay. Cho added that further investigations will be launched if the funds from these activities are found to be linked to tax evasion, money laundering, or capital flight.