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RE: S. Korea to ban crypto, Exchanges Raided
South Korea act weird to many things... but yeah, probably the exchanges were doing some money laundering too... Woudn't be surprised.
As well, I woudn't be surprised if any other giants (KIA/ Samsung) are into it when comes about tax evasion.
Odds are, every multinational is into money laundering, in some way, shape or form. I'd guess the greater concern is a weakening of confidence in the local currency due to people moving to crypto (similar to why price of gold is kept in check.) From what I have read, crypto is huge in South Korea.