South Korea to Extend Cryptocurrency Verification System to Global Exchange Binance
As reported by E-Daily, the National Police Agency of South Korea has announced plans to establish a comprehensive system that enables them to request verification of wallet addresses and freeze funds not only from the five domestic cryptocurrency exchanges but also from global exchanges such as Binance.
In a move aimed at enhancing their capabilities in combating illicit activities involving cryptocurrencies, the police agency will convene a “Cryptocurrency Exchange Work Conference” to discuss the implementation of this new system.
Since October of last year, the South Korean police have been actively collaborating with five domestic cryptocurrency exchanges, including Upbit, by establishing a “Cryptocurrency Exchange Verification System.” This system allows the police to search for wallet addresses related to ongoing investigations and determine which exchange is managing the associated assets. By extending the system’s scope to include global exchanges like Binance, the police aim to further strengthen their ability to track and freeze illicit funds across multiple platforms.
In addition to discussions regarding the integration of Binance into the verification system, the conference will also address the enhancement of the existing system for domestic exchanges and the revitalization of the police hotline, a dedicated communication network for law enforcement agencies.
The National Police Agency has outlined its future plans to expand the exchange verification system to encompass a total of 36 domestic exchanges, including the existing five major exchanges. By doing so, they intend to create a comprehensive network that covers the entirety of the South Korean cryptocurrency trading landscape.
The move by the National Police Agency comes as part of the South Korean government’s ongoing efforts to regulate and monitor the cryptocurrency industry, which has experienced significant growth and popularity in recent years. With an increasing number of illicit activities and scams involving cryptocurrencies, the government and law enforcement agencies have been working together to implement stricter measures to safeguard investors and prevent criminal activities.
By establishing a comprehensive system that allows for the verification of wallet addresses and the freezing of funds, the National Police Agency aims to create a more secure environment for cryptocurrency trading in South Korea. This initiative is expected to bolster investor confidence and deter potential wrongdoers from engaging in illegal activities within the cryptocurrency space.
The outcomes and further developments resulting from the Cryptocurrency Exchange Work Conference will be closely monitored by industry participants and the public alike, as they hold the potential to shape the future regulatory landscape of the cryptocurrency industry in South Korea.
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