According to the "Korea Times" report, the FSS started the investigation, and the total trade volume of Woori was 800 billion won, about 69.5 million U.S. dollars, while the trade volume of New Korea was estimated to exceed 1 trillion won. The new South Korean government has yet to disclose the specific volume
Regulators have recently uncovered evidence that some of the funds flowing into these domestic cryptocurrency exchanges may be used for money laundering and illegal foreign exchange investments.
The FSS cases are still under investigation and whether officials of the two banks violated any illegal foreign exchange investment or money laundering laws. Meanwhile, netizens suspected TerraformLabs was involved in the case.
However, the government feels that those conducting these transactions are unfairly using foreign exchange investments due to the [kimchi premium," which refers to the difference between the price of digital currencies on Korean exchanges and foreign exchanges.
In June, Woori alerted the FSS that he had found evidence of suspicious transactions at one of the sales offices. It further reported that trading volumes were particularly high, carried out by various corporate accounts.
FSS officials have since conducted on-site inspections, focusing on checking whether Woori violated any provisions of the Foreign Exchange Transactions Act.
Regardless, it remains to be seen whether these suspicious transactions were cryptocurrency transactions or profitable ones. Earlier this year, South Korea's Asia Bank was fined 50 million won by the acquisition FSS for failing to manage 200 billion won in abnormal foreign exchange investments at its business center in Seoul. The FSS ordered the suspension of the office's operations for four months.
Based on the confidentiality of the case, officials from both banks have denied providing details of the ongoing investigation, except to ascertain and ascertain that the FSS is cooperating with the government. After questioning, an official from Woori felt that,
