South Korea’s four biggest crypto exchanges has teamed up to combat money laundering schemes that might be dangerous for their users.
The exchanges will also launch a shared database of suspicious wallet addresses to identify and halt scammers looking to use different exchanges to move a large amount of crypto to the same wallet. The exchanges are planning to encourage other crypto exchanges to join the initiative.
Back in November, the Korean Bar Association, the body governing South Korean lawyers, called on the government to hasten the introduction of blockchain regulations and “prevent side effects involving cryptocurrencies.”
And last June, South Korea’s financial regulator amended the anti-money laundering rules that apply to cryptocurrency exchanges in the country, requiring domestic banks to tighten up monitoring of related bank accounts.