According to News.bitcoin, a statement released by the Financial Services Commission (FSC) of South Korea revealed that a meeting was held between the country's financial intelligence department and virtual asset service providers (VASPs) to enhance regulatory compliance. The top five cryptocurrency exchanges in South Korea (including Upbit, Bithumb, Coinone, Korbit, and Gopax) have all established compliance systems to monitor illegal activities.
The meeting disclosed that Upbit has utilized artificial intelligence (AI) to create an abnormal transaction detection system. Bithumb has developed a feature that automatically terminates transaction applications when it detects money laundering transactions through the installation of remote control applications. Coinone has strengthened the management and monitoring of "risk wallet addresses" related to financial incidents. Korbit has introduced real-time management and secondary review systems for suspicious transaction reports (STRs). Gopax has established a hotline to promptly respond to requests for freezing accounts related to crimes such as voice phishing.
Through collective commitment, the participants pledged to strengthen a mutual dialogue regarding enhancing compliance capabilities. They plan to hold meetings every 2-3 months in the future to uphold this commitment.