Techub News, citing The Korea Herald, reported that the Daejeon District Court in South Korea has upheld an immigration authority order to deport a Libyan cryptocurrency broker. The ruling relates to illegal cryptocurrency-based foreign exchange transactions carried out between 2021 and 2022, totaling 94 billion won, equivalent to about $62 million.
The man had previously been sentenced by the Incheon District Court in 2023 to two years in prison for his role in the case. According to the report, he and his accomplices received cryptocurrency from overseas, sold it in South Korea for won, and completed 2,515 remittance transactions through that process. Part of the criminal proceeds was disguised as international trade payments in an attempt to evade regulatory scrutiny.
The Libyan national earned hundreds of millions of won in commissions from the transactions. He appealed the deportation order by citing his economic contribution and family circumstances. The Daejeon District Court rejected the appeal, concluding that allowing him to remain in South Korea would be detrimental to the country.