Major South Korean crypto exchanges work hand-in-hand to handle malicious schemes

29 Jan, 2019 | Updated: 29 Jan, 2019
by Fifi Arisandi
Major South Korean crypto exchanges work hand-in-hand to handle malicious schemes

Doing the same business doesn't always mean competition, at least that's what these 4 major crypto exchanges show through their new collaboration. 

Four major crypto exchanges in South Korea are working together to tackle potential malicious schemes that would harm their users, as reported by Coindesk.

The collaborating exchanges, Bithumb, Coinone, Upbit and Korbit made a joint announcement on the initiative last Friday, mentioning the creation of a hotline, through which users can report suspicious crypto trades.

Through the hotline, they expect to be able to identify various malicious activities, such as phishing scam, predatory lending, pyramid scheme, as well as money laundering as early as possible, which would give them time to take the required actions.

The exchanges will also share their database to help them examine the reported wallet addresses, which would help them in the next steps, such as identifying scammers who are using different exchanges to move the stolen funds and possibly stop the activities to keep them from getting the funds.

Moreover, the four exchanges plan to invite other exchanges in the country to join the initiatives, an action that’s in line with the latest amendment made by South Korean financial regulator to the anti-money laundering rules that now includes crypto exchanges.

Read more: 7 exchanges obtain Korean security certification, 14 others vulnerable to attacks

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