Fresh Trouble for South Korean Banks Over Bitcoin Kimchi Premium Trades Worth 65B

FSS has intensified its investigation against local banks tied to foreign remittances from cryptocurrency exchanges. South Korea’s integrated financial regulator – Financial Supervisory Service (FSS) – is reportedly investigating domestic and commercial banks after detecting a significant amount of illegal overseas remittance transactions. Over the last few weeks, banks’ role in facilitating kimchi premium traders to enable fast money when trading volumes rise has been under intense scrutiny.