The post South Korean authorities target illicit crypto channels in latest directives appeared on BitcoinEthereumNews.com.

South Korea’s Financial Supervisory Service, Korea Customs Service, the Credit Finance Association and nine major domestic credit card companies have signed an agreement to share information with each other and track overseas card usage in order to prevent criminal transactions.  There is a special focus on the methods of dealing with dark coins, which are anonymous assets that are harder than standard cryptocurrencies to track, and as such, have become a favorite tool of crypto criminals.  New cooperation between Korean customs and banks  The Financial Supervisory Service (FSS) and the Korea Customs Service joined forces with the Credit Finance Association and nine major domestic credit card companies to sign a Civil-Government Cooperation Business Agreement. The agreement is designed to disrupt the operations of transnational criminal organizations. Overseas card usage will be monitored to prevent illegal currency exchange and strict new guidelines for the police to manage seized cryptocurrencies, specifically “dark coins” will be introduced.  The Korea Customs Service and individual credit card companies had their own data that they rarely shared in real-time, allowing criminals to abuse overseas credit and check cards to withdraw funds or exchange virtual assets illegally.  Under the new Memorandum of Understanding (MOU), the Credit Finance Association will act as a central hub and close the information gap. The new system will link overseas credit card usage history directly with immigration and exit records.  Any large withdrawals or purchases made abroad that do not align with an individual’s travel status or history will be flagged as an abnormal transaction. This is specifically aimed at voice phishing groups who often move stolen funds through complicated international card transactions and crypto exchanges. Cryptopolitan recently reported that Canada, the UK, and the U.S. jointly launched a program called Operation Atlantic aimed at targeting approval phishing scams.  Why is it…

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Filed under: News - @ March 17, 2026 8:28 pm