Korea’s 4 cryptocurrency exchanges have joined forces to combat illegal money laundering activities – a move to create trustable and law-complaint cryptocurrency trading environment.
Bitthumb, UPbit, Korbit, and CoinOne said in their joint communique that they have opened a hot line to allow watchdog staffs from each of the companies to share information in real time on dubious crypto wallet addresses that are questioned or confirmed to be credited to fraudulent activities like loan frauds, Ponzi schemes, or voice phishing.
The information sharing is expected to protect users from being cheated out of money, as the 4 exchanges will be alerted of dubious wallet addresses simultaneously, and then block them out of their exchanges, or stop money from being transferred to those addresses in question.
The 4 cryptocurrency exchanges have acquired ISMS (information security management system) from Korea Blockchain Association to implement the hot line. As information-sharing and advance alert system will greatly help create trustable trading environments, they will invite other Korean cryptoexchanges to join the anti-money laundering campaign.