South Korean lawmaker allegedly cashed out while legislating on crypto: Report By Cointelegraph
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Kim Nam-kuk, a member of South Korea’s National Assembly, reportedly liquidated more than $4 million worth of crypto prior to lawmakers in the country enforcing the Financial Action Task Force’s “Travel Rule”.
According to a May 8 report from The Korea Times, authorities with the Korea Financial Intelligence Unit are investigating Kim for trading roughly 6 billion won ($4.5 million) in crypto assets before South Korea introduced the Travel Rule in March 2022. The lawmaker reportedly said he did not cash out the assets but rather transferred them to another exchange, also claiming he was not required to report such activity.
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Kim Nam-kuk, a member of South Korea’s National Assembly, reportedly liquidated more than $4 million worth of crypto prior to lawmakers in the country enforcing the Financial Action Task Force’s “Travel Rule”.
According to a May 8 report from The Korea Times, authorities with the Korea Financial Intelligence Unit are investigating Kim for trading roughly 6 billion won ($4.5 million) in crypto assets before South Korea introduced the Travel Rule in March 2022. The lawmaker reportedly said he did not cash out the assets but rather transferred them to another exchange, also claiming he was not required to report such activity.
Continue Reading on Coin Telegraph
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