South Korea Customs Uncover $4.9 Billion in Illegal FX Transactions

The Korea Customs Service has uncovered a significant amount of illegal foreign exchange transactions in South Korea. In the first half of 2026, the agency found 792 cases of illicit activity, resulting in a total loss of 7.2 trillion won (approximately $4.92 billion). This includes instances where exporters received payments in cryptocurrencies instead of traditional currencies like the US dollar.

The customs agency has been cracking down on these transactions as part of government efforts to stabilize the foreign exchange market. Commissioner Lee Jong-wook emphasized the importance of taking stern action against such activities, which can have a negative impact on the economy.