Customs agency uncovers $4.92 bil. worth of illegal FX trading in H1

An electronic screen shows exchange rates at a currency exchange in Seoul's shopping district of Myeong-dong, Friday. Yonhap

Korea uncovered illegal foreign exchange transactions worth 7.2 trillion won ($4.92 billion) in the first half of 2026, the customs agency said Monday, amid government-wide efforts to curb volatility in the foreign exchange market.

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

The customs agency noted that some cases involved receiving export proceeds in cryptocurrencies instead of legal tender, such as the U.S. dollar, thereby failing 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, commissioner of the agency, said.

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