Tanya Abrosimova
Independent Analyst
- The Korean cryptocurrency operators will work on improved security of the industry.
- Customers are invited to report on suspicious transactions.
Four largest cryptocurrency exchanges in South Korea - Bithumb, Upbit, Korbit и Coinone - join forces to fight money-laundering via digital assets. The group of trading platforms launched a hotline where their customers can leave a message and share information about suspicious transactions with cryptocurrencies.
Dubious operations are often used in Ponzi schemes or so-called financial pyramids that target inexperienced and unsophisticated traders. Once a user reports suspicious activity to the management of the exchange, the platform initiates verification and may freeze if any malpractices are revealed.
At the beginning of January, the financial regulator of South Korea inspected 21 cryptocurrency exchanges to make sure that they comply with the security requirements. The overwhelming majority failed the tests. Only Bithumb, Korbit and Coinone successfully passed the inspection and obtained the permission from the regulator.
It is worth noting that South Korea is one of the most active cryptocurrency markets. According to CryptoCompare statistics, the trading platforms of this country surpassed their Maltese rivals by trading volumes.
Meanwhile, the European authorities are also preoccupied with money laundering issues when it comes to digital assets. Thus, recently ESMA submitted a report to the Commission of the European Banking Authority with the call to develop pan-European regulation for the industry to ensure customer protection and avoid money laundering.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Dogecoin and Bitcoin Cash Price Prediction: Funding rates decrease indicate weakness in DOGE and BCH
Dogecoin and Bitcoin Cash registered 3% and 8% losses on Tuesday following increased selling pressure from the futures market. The decline comes amid large-cap cryptos like Bitcoin, Ether and XRP, holding still with slight gains.
XRP could sustain rally amid growing ETF and SEC vote prospects
Ripple flaunted a bullish outlook, trading at $2.1505 on Tuesday. Investor risk appetite has continued to grow since the middle of last week, propping XRP for a sustainable upward move triggered by the swift decision by US President Donald Trump to suspend reciprocal tariffs for 90 days.
VeChain Price Forecast: VET bulls aim for a double-digit rally
VeChain price hovers around $0.023 on Tuesday after breaking above a falling wedge pattern the previous day; a breakout of this pattern favors the bulls. Bybit announced on Monday that VET would be listed on its exchange. Moreover, the technical outlook suggests rallying ahead, targeting double-digit gains.
Dogecoin, Shiba Inu and Fartcoin price prediction if Bitcoin crosses $100K this week
The meme coin market fell sharply on Monday, shedding 4.8% in market capitalization to settle at $49.25 billion, according to data compiled from CoinGecko. The sell-off coincided with increased volatility across broader crypto markets while investors rotated funds into Bitcoin briefly tested $85,000.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.