The five major cryptocurrency exchanges in South Korea announced compliance strategies for monitoring illegal activities

ChainCatcher news, according to a statement released by the Financial Services Commission (FSC) of South Korea, the financial intelligence unit of South Korea held a meeting with virtual asset service providers (VASP) to strengthen regulatory compliance. The top five cryptocurrency exchanges in South Korea (including Upbit, Bithumb, Coinone, Korbit, and Gopax) have established compliance systems to monitor illegal activities.

The meeting revealed that Upbit has created an anomaly trading detection system using artificial intelligence (AI). Bithumb has developed a feature that automatically terminates the trading application when a remote control application is installed and money laundering transactions are detected. Coinone has strengthened the management and monitoring of "risk wallet addresses" related to financial incidents. Korbit has introduced a real-time management system and a secondary review system for each stage of suspicious transaction reports (STR). Gopax has set up a hotline that can respond immediately when it receives account freeze requests related to crimes such as voice phishing.

Through a collective commitment, the participants pledged to strengthen joint dialogue around enhancing compliance capabilities. They plan to hold meetings every 2-3 months in the future to maintain this commitment.