South Korea's Seoul Customs Office has dismantled a criminal operation involved in illegal currency exchange and money laundering using virtual assets. Over the past four years, the group allegedly used platforms like WeChat Pay and Alipay to receive payments, purchase virtual assets overseas, and transfer them to wallets in South Korea, where they were converted to Korean won. The total amount laundered is estimated at 1.489 trillion won ($1.2 billion). Three individuals, including a Chinese national in his 30s, have been charged with violating the Foreign Exchange Transactions Act. The group provided services for trade payments, duty-free purchases, and study abroad funds, while also handling unspecified funds. They even marketed their services for illegally transferring funds for cosmetic surgery expenses. The case highlights ongoing challenges in regulating cryptocurrency transactions and preventing financial crimes.