Exchanges

28/01/19 12:04 UTC-4

Hotline to combat money laundering on South Korean cryptocurrency exchanges

To combat money laundering in crypto-exchanges in South Korea, a hotline was created
To combat money laundering in crypto-exchanges in South Korea, a hotline was created

The four main cryptocurrency exchanges of South Korea, Bithumb, Upbit, Korbit and Coinone, have joined forces to fight money laundering, as was reported by the CoinTelegraph news agency.

On January 28, the Yonhap news portal published a report on the fight against money laundering on South Korean cryptocurrency exchanges. As it became known, the country's four largest crypto platforms opened a common hotline to monitor "unusual and suspicious" transactions.

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South Korean cryptocurrency exchange against money laundering

Cryptocurrency exchange Bithumb, Upbit, Korbit and Coinone have teamed up to create a joint hotline. As reported, users can now report any unusual bidding or payments that may be related to money laundering, financial crime, or "pyramids".

According to one of the operators of the new line (who decided to remain anonymous), the exchanges, thus, will be able to instantly check for any suspicious transactions and immediately block the relevant accounts.

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In early January, the CoinTelegraph portal reported that 7 out of 21 local crypto-exchanges were approved by the South Korean government after a security check. During the audit, which took place from September to December 2018, Bithum, Korbit and Coinone, as well as four other major exchanges, satisfied the requirements of the safety commission. However, after a few days, it was found that most of the verified exchanges were repeatedly subjected to hacker attacks.

The anti-money laundering hotline on crypto-exchanges in South Korea is another step towards increasing security at the platforms. Recall that the 16 Japan crypto-exchangers also created a self-regulatory authority to track the actions of potential intruders.

Editor: Yuliya Soroka

See also: "Coinbase Cryptocurrency Exchange integrates the TurboTax application for paying taxes"

#exchange #cryptocurrency #SouthKorea #Bithumb #Upbit #Korbit #Coinone #hotline #launderingofmoney

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