In one of its kind initiative, four leading crypto currency exchanges of Korea collaborated to combat the menace of money laundering. This collaboration consists of Bithumb, Coinone, Korbit and Upbit. Together, they would create a new hotline in order to share information on suspicious transactions. The primary aim of this collaboration is to identify trading behavior associated with phishing, predatory lending, pyramid schemes and other illegal activities.
South Korea is one of the leading countries in the world in terms of crypto trading volume. It is home to some of the largest exchanges and the government has taken a pro-active stance towards regulation and encouragement of the industry.
One major issue, however, is still the threat of using crypto to launder money, which would be far easier than using banks due to the anonymity of many blockchain-based currencies.
