Illegal overseas remittance in Korea this year hits $1.7bn for kimchi premium

[Provided by Maekyung Media Group]

South Korean customs authority identified 2.4 trillion won ($1.7 billion) worth illegal overseas remittances from January to September this year, nearly 1 trillion won greater than a year ago. Most of the suspicious wiring is suspected to be tied to cryptocurrency arbitrage trades for the so-called kimchi premium, leveraging on higher cryptocurrency prices in Korean exchanges compared to other markets.

By Pulse