Chinese crime ring arrested in South Korea laundered over $100 million worth of crypto

Source: CryptoNewsNet Original Title: Chinese crime ring arrested in South Korea laundered over $100 million worth of crypto Original Link: Three Chinese nationals arrested in South Korea have been referred to prosecution after allegedly laundering $107 million worth of cryptocurrency, local custom officials reported.

The arrests in South Korea come amid the financial regulatory authorities seeing delays in agreeing on a crypto market framework in a country where cryptocurrency has become a primary investment asset. However, because of the lack of clear guidelines and crypto trading restrictions in place, local investors now hold billions of dollars worth of crypto in overseas platforms.

South Korean custom authorities said the international criminal ring they uncovered was laundering millions of dollars worth of crypto through an unauthorized and unidentified crypto exchange. It remains unclear which cryptocurrencies were used in the operation. However, the Seoul Main Customs Office of the Korea Customs service said the group received deposits from customers through WeChat and Alipay.