South Korea to Monitor Addresses on Top Crypto Exchanges

May 30, 2023

MCP News Free

South Korea to Monitor Addresses on Top Crypto Exchanges

Key Point

South Korean police said that the monitoring system would be extended to all 36 virtual assets exchanges in the country

To reduce financial crimes through cryptocurrency, the South Korean police have announced plans to introduce a real-time monitoring system to monitor wallet addresses on major exchanges, including Binance.

To ensure the possibility of the plans, the South Korean National Police Agency met with five top crypto exchanges, including Binance in Seoul on May 30 to discuss the plans, a local media noted on Tuesday.

The above move came when Binance was looking to acquire Gopax Exchange, one of the leading crypto exchanges in the country.

Meanwhile, in 2022, the agency joins forces with five local digital assets exchanges for virtual assets exchange confirmation system; with this, the exchange involved will be notified of wallet addresses under investigation by investigators, and the address will be frozen as the process is ongoing, fast forward to May this year, over 2,000 investigators are using the system already.

“The police explained that it is possible to quickly request a freeze (payment suspension) and execute a warrant through a 24-hour hotline,” the report noted.

Therefore, the agency is looking to add Binance, an oversea exchange, to the list of exchanges that uses the confirmation system; hence, investigators can request a freeze of addresses suspected to be involved in a malicious transaction.

Of recent, South Korea passed a bill that requires top government officials and legislators to declare their virtual assets holdings, a bill that came up after one top government was caught moving large amounts in crypto.

The extension of the monitoring system to other crypto exchanges is likely due to the scandal. The agency also confirmed plans to expand the confirmation system to other crypto exchanges operating in the country.

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