Korea's crypto exchanges join hands to combat money laundering

By Yonhap

Published : Jan. 28, 2019 - 10:55

South Korea's four major cryptocurrency exchanges have joined forces to tackle money laundering via the digital currency market, sources here said Monday.

The four entities -- Bithumb, Upbit, Corbit and Coinone -- recently established a hotline to share information on a real-time basis on any unusual trading or transactions that are suspected to involve criminal acts, such as voice phishing and pyramid schemes.

(Yonhap)

"They are now able to instantly check any wrongful transactions made at other exchanges and take necessary measures, such as blocking their own related accounts," an official of an operator said.

"The cooperative step against money laundering via cryptocurrencies is expected to boost the soundness of the industry and to better protect consumers." (Yonhap)