Korea Customs Agency Uncovers $4.92 Billion in Illicit FX Deals

South Korea's customs agency has uncovered a significant amount of illegal foreign exchange transactions in the first half of 2026. According to the agency, these transactions totaled 7.2 trillion won (US$4.92 billion) and involved 792 cases over the January-June period.

The majority of these cases involved receiving export proceeds in cryptocurrencies instead of legal tender, such as the US dollar, which is not allowed under current regulations. This practice allows individuals to conceal assets overseas and avoid bringing foreign currency earned from exports back to South Korea.

Commissioner Lee Jong-wook has expressed concern over the impact of these transactions on the government's efforts to stabilize the foreign exchange market. He emphasized the need for continued action against illegal transfers, particularly in light of recent volatility in the market.