South Korea Investigates $3.4B In FX Transactions With Possible Link To Crypto Assets: Bloomberg

The Financial Supervisory Service of South Korea is looking into $3.4 billion in "abnormal" foreign exchange transactions at two of the biggest commercial banks in the nation for potential connections to illegal crypto-related activities, reported Bloomberg.
Five Woori Bank branches saw unusual activity worth 1.6 trillion won ($1.3 billion) between May 3, 2021, and June 9, 2022, the regulator stated.
11 Shinhan Bank locations were found to have similar transactions worth 2.5 trillion won between February 23, 2021, and July 4, 2022.
Last week, the Yonhap news agency in South Korea reported that the two banks had been involved in 1.8 trillion-won worth of unusual transactions.
Financial regulators have been investigating whether the transactions were related to currency speculation using crypto assets or money laundering.
A senior FSS official stated that some of the transactions involved cryptocurrency exchanges.
The FSS on July 1 required all banks to conduct an internal review and to submit a report by the end of July.