According to local publication Yonhap, the South Korean authorities have launched an investigation into a possible violation of rules for foreign currency exchange using the so-called Kimchi Premium for Bitcoin.
The process is reportedly encompassed in a broader investigation by the country's Financial Supervisory Service (FSS). The regulator has reportedly handed over materials to the country's Supreme Prosecutor's Office.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
A representative of the watchdog has said that "we are just reviewing the data."
The documents include a report on the inspection of companies involved in offshore money transfers. The list reportedly includes the country's major banks, including Woori Bank and Shinhan Bank.
According to the FSS, the companies enjoyed a Kimchi Premium when Bitcoin in South Korea was sold at a higher price than in the rest of the market.