Korean regulators investigate banks over $6.5B tied to Kimchi premium

Cointelegraph

Published Aug 15, 2022 11:04PM ET

Updated Aug 16, 2022 12:40AM ET

South Korean banks are being investigated for their role in facilitating $6.5 billion in suspicious overseas remittances which have been tied to companies arbitraging cryptocurrency.

According to an Aug. 15 report from Asia Times, the Financial Supervisory Service (FSS) ordered an investigation into South Korean banks last month after identifying a significant amount of overseas remittance transactions at the end of June.

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