Last August under the Financial Services Commission (FSC), the Financial Intelligence Unit (FIU) in the Republic of South Korea disclosed a plan to directly regulate cryptocurrency exchanges. Now that this has been passed by the National Assembly, the government will enhance cryptocurrency transaction transparency through a “cryptocurrency exchange licensing system,” as recommended by FATF.
Given the increasing number of hacks that cryptocurrency exchanges suffered in the past year, The Republic of South Korea is particularly inclined to pass measures that improve transparency. As a result, exchanges such as Bithumb are strengthening their anti-money laundering (AML) and combatting the financing of terrorism (CFT) practices ahead of these new regulations.
Chainalysis Reactor is the investigation software that connects cryptocurrency transactions to real-world entities, enabling cryptocurrency businesses and law enforcement to combat criminal activity such as fraud, extortion, and money laundering on the blockchain.
ABOUT CHAINALYSIS
Chainalysis is the blockchain analysis company providing data and analysis to government agencies, exchanges, and financial institutions across 40 countries. Our investigation and compliance tools, education, and support create transparency across blockchains so our customers can engage confidently with cryptocurrency. Backed by Accel, Benchmark, and other leading names in venture capital, Chainalysis builds trust in blockchains. For more information, visit www.chainalysis.com.
ABOUT BITHUMB
Since its launch in 2014, Bithumb has developed into a leading cryptocurrency exchange not only in Korea but in the global market. For the past 5 years, Bithumb has established a world-class competitive edge and expertise in establishing and operating cryptocurrency trading platforms, and blockchain technology. Today, Bithumb is evolving into a comprehensive blockchain based financial corporation. For more information, visit www.bithumb.com
SOURCE Chainalysis
CONTACT: Media Contact for Chainalysis – Maddie Kennedy, Director of Communications, [email protected], +1.914.584.0386; or Media Contact for Bithumb – Yong Soon Choi, General Manager of Communication Division, [email protected]
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