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South Korean customs authorities are accusing three Chinese nationals of facilitating an international crime ring that laundered more than $101 million worth of crypto.
The Korea Customs Service (KCS) alleges the individuals exploited domestic and international crypto accounts and Korean bank accounts, laundering 148.9 billion won between September 2021 and last June, according to a report from the Seoul-based news agency Yonhap.
The KCS says the suspects attempted to mask the transfers by pretending they were for legitimate expenses like cosmetic surgery costs for foreigners or overseas tuition.
The regulator alleges the three Chinese nationals bought digital assets in multiple countries, transferred them to South Korean crypto wallets, converted them into won and then distributed the money into domestic bank accounts.
The KCS says the suspects will be prosecuted for alleged violations of the Foreign Exchange Transactions Act.
The South Korean populace has embraced crypto: Last year, Yonhap reported that nearly one-third of the South Korean population had invested in Bitcoin (BTC) and other digital assets.
Industry officials predict that South Korea will soon be home to 20 million crypto investors.
Said one official,
“Some believe the crypto market has reached a saturation point, but there is still an endless possibility for growth compared with the matured stock market.”
Despite widespread population adoption, however, the Korea Times reports that crypto trading volume on the country’s five major exchanges has plummeted in 2026 so far.
