Dave – Cryptocurrency Expert
On September 21, 2022, Woori Bank's offices were seized by South Korean officials who cited a number of illegal foreign exchange remittances that had occurred. The Daegu District Prosecutor's Anti-Corruption Investigation Department is executing a search and seizure warrant at the Woori Banks headquarters in Seoul, according to Yonhap, a local news source.
Yonhap further clarified the grounds for the warrant, stating “Prosecutors have already established that the accused were operating multiple fictitious corporations, trading digital assets without disclosing them, and providing false information to the bank in order to transfer 400 billion won in foreign currency overseas.”
Even though South Korea has emerged as the top cryptocurrency exchange platform in the past two years, it is believed that 75% of illicit foreign exchange transactions take place there. The article continues by stating that prosecutors from the Daegu District Prosecutor's Anti-Corruption Investigation Department were looking into the person who was the branch manager at the time and was thought to have been engaged in this shady transaction.
According to reports, the scammers conducted this act to profit from "Kimchi Premium." The Kimchi Premium is a pricing difference on cryptocurrency exchanges where South Korean exchanges offer cryptocurrency at astronomical prices in comparison to global exchanges.
Notably, the Woori Bank raid took place just a few weeks after three people were taken into custody. The Reporting and Use of Specific Financial Transaction Information and the Foreign Exchange Control Act were allegedly broken by the subjects. Between May 2021 and June 2022, South Korea's Financial Intelligence Unit (FIU) and Financial Supervisory Service conducted investigations into cryptocurrency money laundering through banks and discovered a total of $3.4 billion in illicit cryptocurrency transactions.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards