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

Cointelegraph

Published Aug 15, 2022 11:04PM ET

Updated Aug 17, 2022 01:00AM 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 a Monday 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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