Seoul Customs busts illegal currency exchange ring through virtual assets, with a volume of nearly 149 billion won

LazyDevMiner · 2026-01-26T07:17:08+00:00

A major illegal currency exchange case was uncovered by the Seoul Customs Bureau, involving a group exploiting virtual assets for unlawful forex transactions totaling 148.9 billion won over four years. The group's methods, utilizing mobile payment platforms, allowed them to conceal the money's origin by converting it into virtual assets and then cashing out in South Korea. The investigation identified three individuals, including a Chinese citizen and a cosmetic clinic employee who misused their position to attract international clients for illegal money transfers. The case has been forwarded to prosecutors for further action.

LazyDevMiner

2026-01-26 07:17:08

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Recently, the Seoul Customs Office in South Korea announced a major case involving illegal foreign currency exchange. Investigations revealed that the group exploited virtual asset systems both domestically and internationally to carry out unauthorized currency conversion transactions over a period of 4 years. The total value of the involved currency reached 148.9 billion won, and they also collected service fees from customers, violating South Korea’s Foreign Exchange Transactions Act.

Exploiting Virtual Assets to Exchange Korean Won Across Borders

Details from the investigation show that the group’s operational method is quite sophisticated. After receiving money from customers via mobile payment platforms such as WeChat Pay and Alipay, they quickly purchased virtual assets in various countries. Then, they transferred these digital assets into electronic wallets within South Korea, converted them into won, and withdrew cash. This process helps conceal the source of the funds and avoid traditional financial restrictions.

The converted funds include payments for international trade, study abroad expenses, duty-free shopping, and funds with unclear purposes. Notably, those wishing to use this service only need to pay a commission fee without explaining the intended use of the money. This model has attracted a large number of users seeking to illegally exchange Korean won.

Related Individuals and Violations

The investigation identified three individuals involved, including a Chinese citizen in their 30s. Additionally, authorities uncovered a special case: a staff member who previously served as the Head of Consulting at a cosmetic surgery clinic exploited their position to lure international clients. This person advertised that they could support illegal transfer of surgical funds abroad, creating an additional channel for money laundering within the network.

This activity not only violates legal regulations but also reflects a connection between different sectors involved in organized crime. Currently, the case has been handed over by Customs to the prosecution for further investigation and legal action.

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