4 South Korean crypto exchanges team up to fight money laundering

posted 3 months ago
Four major cryptocurrency exchanges in South Korea have partnered on an initiative to combat potential money laundering, as well as schemes that might harm users. Bithumb, Coinone, Korbit, and Upbit will create a hotline to share real-time wallet information on suspicious crypto trades. They aim to identify trades with suspected links to phishing, predatory lending, pyramid schemes and other illegal activities and share related information via the hotline, the exchanges said.

The exchanges will also operate a shared database of suspicious wallet addresses that would, for example, be able to help them identify and halt scammers looking to use different exchanges to move a large quantity of cryptocurrency to the same wallet. The four firms are planning to encourage other crypto exchanges to join the initiative.
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