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South Korea’s Financial Intelligence Unit (FIU) has flagged a record surge in suspicious cryptocurrency transactions, highlighting growing risks of money laundering and illicit fund transfers. From January to August 2025, the FIU received 36,684 suspicious transaction reports (STRs), already surpassing the combined total of 2023 and 2024. This sharp rise reflects both the rapid adoption of digital assets and the escalating misuse of stablecoins for cross-border schemes.
Under the Act on Reporting and Use of Certain Financial Transaction Information, local crypto exchanges are required to file STRs when suspicious activities are detected. Many involve criminals converting illicit funds into digital assets abroad, then cashing out through Korean platforms. Reports have risen steadily over the years: 199 in 2021, 10,797 in 2022, 16,076 in 2023, and 19,658 in 2024. By mid-2025, the number had already doubled last year’s figures, showing an undeniable upward trend.
The Korea Customs Service also revealed that crypto-linked crimes worth 95.6 trillion won (about US$71 billion) were referred to prosecutors from 2021 to August 2025. Nearly 90 percent stemmed from illegal foreign-exchange operations. In one high-profile case, a dealer issued Tether (USDT) to Russian importers in exchange for cash, moving more than 57 billion won while evading detection.
Globally, crypto-related crime is expanding, with cases in the US, Japan, and North Korea exposing the scale of fraud, laundering, and cyberattacks. Major exchanges like Coinbase and Binance have launched collaborative initiatives to combat these risks, while countries such as Turkey are tightening regulations.
South Korean lawmakers warn that without stronger oversight, the nation’s growing crypto investor base—now exceeding 10 million—faces increasing threats. Officials are urging enhanced monitoring, technology adoption, and deeper cooperation among regulators, law enforcement, and exchanges to prevent further abuses.
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