TV Chosun reported that the Korea Customs Service has caught 47 currency exchange businesses handling virtual assets that committed illegal activities, such as not keeping exchange ledgers or making false entries. Out of a total of 1,320 currency exchange businesses nationwide, the Korea Customs Service selected 104 located in areas with a high concentration of foreigners and tourists or suspected of illegal remittances using virtual assets, and has been conducting intensive crackdowns since March. Cho Han-jin, head of the Korea Customs Service's Foreign Exchange Investigation Division, stated, “Recently, illegal virtual asset exchanges are spreading throughout Seoul, including Myeong-dong and Gangnam, and the methods of 'Hwan-chigi' (illegal foreign exchange transactions) at street exchange offices have diversified, utilizing simple remittance services like WeChat Pay and Alipay.” He added, “If the 'Hwan-chigi' funds are linked to tax evasion, money laundering, or asset flight, additional investigations will be conducted.”
