As per the latest report by the Yonhap News Agency, the Korean Customs Service has seized nearly $750 million (885.6 billion won) in false remittances for Cryptocurrency transactions this year. In addition, the report stated that there is a hike in illegal foreign exchange transactions using virtual currency. This surge in illicit foreign exchange transactions could potentially be influenced by ‘kimchi premium’, where Bitcoins are traded at higher rates in Korea.