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Four S. Korean Crypto Exchanges Team Up to Against Money Laundering, Central Bank Says No Plan to Issue Digital Currency in the Near Future
Summary: Four major cryptocurrency exchanges in South Korea have teamed up to against money laundering activities and avoid potential crimes, according to atimes.com. These four exchanges are Bithumb, Coinone, Korbit and Upbit. These exchanges announced on Friday that they would set up a new hotline to share any information related to suspicious transactions. The primary objective ...
Four major cryptocurrency exchanges in South Korea have teamed up to against money laundering activities and avoid potential crimes, according to atimes.com.
These four exchanges are Bithumb, Coinone, Korbit and Upbit. These exchanges announced on Friday that they would set up a new hotline to share any information related to suspicious transactions. The primary objective is to identify transactions related to phishing, predatory lending, ponzi schemes and other illegal activities.
The alliance will also operate a shared database of suspicious wallet addresses that has been flagged as spurious activity. These addresses are possibly related to scammers who are looking for using different exchanges to move large amounts of cryptocurrencies.
The anti-money laundering (AML) action is expected to have a significant impact as these four exchanges currently have employed effective user protection and fraud detection measures, according to a press release.
The press release also states that the exchanges "have experience operating bank-authenticated virtual accounts, resulting in strong relationships with traditional financial institutions." Currently, the four exchanges are engaged in encouraging other crypto exchanges to join the alliance.
For a long time, South Korea has taken the cryptocurrency industry seriously and, like Japan, the government has determined to standard the industry through regulation.
Based on Korea Herald reports, South Korea’s central bank, the Bank of Korea (BOK), says that has conducted a study on the issuance of CBDC in the country and concluded that any digital currencies (CBDC) projects are not urgently needed in the near future.
"We have no plan to issue any type of CBDC that is available for all people in the near future," said an unnamed BOK official. He also added, before the launch, “we have to work further on benefits and costs of CBDC implementation first.”
Image: pexels.com
Author: Max Li
Tags: CBDC,Central Bank,Crimes,Cryptocurrency,Digital Currencies,Exchanges,Money Laundering,Ponzi Schemes
Link: Four S. Korean Crypto Exchanges Team Up to Against Money Laundering, Central Bank Says No Plan to Issue Digital Currency in the Near Future [Copy]
