South Korean regulators are concerned over the usage of OTC crypto trades for illicit transactions, including money laundering.
Regulators expressed concern over North Korean actors using OTC for illicit foreign exchange transactionsRegulators in South Korea have shifted their focus to over-the-counter crypto trades as concerns over their illicit usage grow.that senior officials from the Financial Services Commission and other regulatory bodies attended a session on “Criminal Legal Issues Related to Virtual Assets.” The session focused on unregulated OTC crypto trading.
OTC platforms are different from regulated crypto exchanges. Users can trade unlisted crypto assets on these platforms that aren’t available on regulated exchanges. Primarily used by high-end investors, these platforms offer anonymity to the traders. The regulators expressed concern at the fact that North Korean actors used OTC for illicit foreign exchange transactions. OTC platforms have also been found to launder crypto assets obtained through hacking or ransomware.
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