South Korean crypto exchanges will fight money laundering

South Korean crypto exchanges that participate in the program are Bithumb, Coinone, Korbit and Upbit. The companies developed a direct line that will allow reporting suspicious transactions. All the information will be shared by the four platforms in real time.

The purpose is to recognize unusual transactions and payments with possible links to phishing, pyramid schemes, predatory lending and other illegal activities.

The pooled system will allow instant verification of suspicious transfers made in the other applications. This way you can take the necessary measures, such as blocking your own related accounts.

In the same way, the exchange offices will build a shared database that will include addresses of suspicious cryptocurrency wallets. This way scammers who want to use several exchange houses to move large amounts of digital coins to the same wallet will be identified.

It should be noted that the cryptocurrency exchange platforms in South Korea are obliged to comply with the identification standards of their known clients, such as “Know Your Costumer”. The authorities prohibited the anonymity in the commercialization of cryptoactives in that country.

L.Sáenz

Source: Infocoin

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