Customs agency uncovers almost $5 billion worth of illegal foreign exchange trading in first half of year

Korea uncovered illegal foreign exchange transactions worth 7.2 trillion won ($4.9 billion) in the first half of 2026, the customs agency said on Monday, following governmentwide efforts to curb volatility in the foreign exchange market.

The Korea Customs Service uncovered 792 cases of illegal foreign exchange transactions, including the illegal transfer of foreign currency abroad and the concealment of assets overseas, from January to June.

The customs agency noted that some cases involved receiving export proceeds in cryptocurrencies instead of legal tender, such as the dollar, and thus failed to bring foreign currency earned from exports back to Korea.

“I ask our staff to continue taking stern action against the illegal transfer of foreign currency, which gives an adverse impact on the government’s efforts to stabilize the foreign exchange market,” Lee Jong-wook, the commissioner of the agency, said.

The official added that the customs agency will strengthen cooperation with relevant agencies, including the Ministry of Finance and Economy, as the recent volatility in the foreign exchange market is considered one of the major risks facing the Korean economy.

Yonhap