Top 5 South Korean Crypto Exchanges Publish Compliance Strategies to Monitor Illegal Activities

Odaily Planet Daily News According to a statement issued by South Korea’s Financial Services Commission (FSC), South Korea’s financial intelligence unit and virtual asset service providers (VASPs) have held meetings to strengthen regulatory compliance. The top five South Korean cryptocurrency exchanges, Upbit, Bithumb, Coinone, Korbit, and Gopax, have all created compliance systems to monitor illegal activities. The meeting revealed that Upbit has used artificial intelligence (AI) to create an abnormal transaction detection system. Bithumb has developed a feature that automatically terminates trading apps when a remote control app is installed and a money laundering transaction is detected. Coinone strengthens the management and monitoring of "risk wallet addresses" related to financial accidents. Korbit has introduced a real-time management system and a secondary review system for each stage of Suspicious Transaction Reporting (STR). Gopax has set up a hotline to respond immediately to account suspension requests related to crimes such as voice phishing. Participants collectively committed to strengthening the common dialogue around improving compliance capabilities. They plan to meet every 2-3 months going forward to maintain this commitment. (Bitcoin.com)