South Korea Investigates Abnormal Crypto-Linked FX Transactions

South Korean financial regulators are probing abnormal foreign-exchange transactions at some of the country’s largest commercial banks for any links to money laundering or currency speculation using crypto assets, an official said.

Some of the transactions involved crypto exchanges, according to a senior Financial Supervisory Service official who asked not to be named due to the sensitivity of the investigation. The person didn’t identify the exchanges. Shinhan Bank is one of the lenders being probed, people with knowledge of the matter said.