THE LARGEST SOUTH KOREAN MARKETS TO FIGHT AGAINST FRAUDS

South Korea’s four largest cryptocurrency exchanges — Bithumb, Coinone, Korbit and Upbit – have announced a joint initiative in which they will fight against potential money laundering and other fraudulent schemes.

Announced last week, the partnership, in particular, involves the launch of a hotline through which users will be able to report suspicious transactions, phishing attacks, financial pyramids and other illegal activities.

A joint database of suspicious wallet addresses will also be created, which is expected to help identify and block fraudsters using different exchanges to move large amounts.

Other trading platforms will join the initiative, according to the exchange partnership.

Earlier in January, the South Korean authorities summed up the results of the inspection of 21 crypto-currency exchanges for compliance with security requirements. According to its results, only seven sites received a positive conclusion from the regulators.