Washing funds with cryptocurrencies in South Korea might quickly end up being a distant memory if 4 of the nation’s exchanges have their method.

According to a regional media report, Bithumb, Upbit, Corbit and Coinone have actually patched together to share ‘real-time’ wallet info on any suspicious activity connected to phishing efforts and pyramid plans.

It comes months after the South Korean federal government’s efforts to secure down on cryptocurrency activity were fulfilled by deafening resistance from financiers and business in the area.

The news likewise follows an change to the nation’s anti-money laundering guidelines, which needs domestic banks providing services to cryptocurrency exchanges to tighten up tracking of associated checking account.

Cryptocurrency in South Korea

Cryptocurrency exchanges in South Korea have actually made headings in current times– often for the incorrect factors.

In December 2017, Youbit declared personal bankruptcy following 2 hacks.

In May the list below year, Upbit’s workplaces in Seoul were robbed by 10 detectives from the nation’s Financial Supervisory Service following suspicions that it had actually falsified its balance sheet and tricked financiers. The exchange was ultimately cleared of misdeed following an audit.

In June, Bithumb and Coinrail suffered hacks which resulted in more than $60 million in combined losses.

More just recently, 2 executives from South Korean crypto exchange Komid were provided prison time for tricking financiers with phony trading volume. The business’s CEO Hyunsuk Choi was sentenced to 3 years for his function in the criminal activity, in addition to embezzlement.

Released January 28, 2019– 17: 10 UTC.