South Korea Probes $3.4 Billion of Crypto-linked FX Transactions

South Korea’s Financial Supervisory Service is probing $3.4 billion worth of “abnormal” foreign-exchange transactions at two of the country’s largest commercial banks for possible links to illegal crypto-related activities.

Unusual transactions totaling 1.6 trillion won ($1.3 billion) took place at five branches of Woori Bank between May 3, 2021 and June 9, 2022, the regulator said in a statement Wednesday. Similar transactions worth 2.5 trillion won were detected at 11 branches of Shinhan Bank between February 23, 2021 and July 4, 2022, it said.