South Korea Closely Monitoring OTC Crypto Trading Amid Money Laundering Concerns

South Korean regulators monitoring OTC crypto trading due to money laundering concerns.
OTC platforms offer more cryptocurrencies than regulated exchanges like Upbit.
Trio arrested for illegal foreign exchange transactions using OTC platforms to convert crypto into Korean won.
Korea Customs Service estimates $4B worth of illegal forex transactions using crypto in 2021.
South Korea has strict crypto regulations to tackle crypto-related crimes, regulators more proactive after Terra collapse.

cointelegraph.com

Relevant topic timeline:

8/23/2023

FBI Says North Korean Hackers May Try to Sell $40M of Bitcoin

North Korean hackers, including the Lazarus Group and APT38, are believed to be planning to cash out stolen bitcoin worth over $40 million, according to the FBI.

8/24/2023

Bitcoin miner gets life in prison, China offers bounties for crypto firms: Asia Express

A Hong Kong crypto exchange, HashKey, will begin retail trading on August 28, allowing residents to invest up to 30% of their net worth into cryptocurrencies with a warning if the limit is exceeded; meanwhile, China is cracking down on private blockchain firms, arresting crypto executives and seizing assets, and the FBI has traced down $41 million in Bitcoin stolen by North Korean hackers from various projects.

10/2/2023

Hong Kong's OTC Crypto Market Nears China's Volume Despite Smaller Population

Despite China's strict prohibition on crypto assets and a global crypto market downturn, Hong Kong's active OTC market drove a significant volume of $64 billion in transactions, suggesting a level of tolerance towards crypto by Beijing, according to Chainalysis.

10/9/2023

Upbit Targeted by Hackers Nearly 1,800% More in First Half of 2023 Compared to 2020

South Korean cryptocurrency exchange Upbit experienced over 159,000 hacking attempts in the first half of 2023, marking a significant increase from previous years, prompting calls for increased security measures from the government.

10/16/2023

US Government Holds $5.4 Billion in Seized Bitcoin, Becoming One of World's Largest Long-Term Holders

The United States government holds around 200,000 BTC, worth around $5.4 billion, seized from cybercriminals, but it appears to have no urgency to liquidate its holdings and participates in the unintentional role of a lazy hodler, with the process of converting Bitcoin into dollars being slow and dictated by legal proceedings.

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Posted 9/18/2023, 10:18:45 AM