Comment by lesuorac
4 months ago
How is this working?
A random US Citizen cannot wire USD to NK. Their bank is not going to allow it. Their credit card company is not going to allow it. If you try to mail physical USD the USPS is going to confiscate it [1].
So, this leaves a US Citizen buying crypto on a KYC exchange and then transferring it to the NK exchange. Why? Just keep the crypto on the KYC exchange at this point.
You cannot "wire" USD to the UK either. The money always remain in the US system, it is just that individuals from the UK "control" it. What happens when you have a P2P market is that individuals from the US will provide the transfer services on behalf of the Korean. It is much easier to enforce this with big and a few financial institution than a P2P situation. Especially when the premium to execute the transaction is high.