Korean Crypto Exchanges Paid $14.7M to Banks for Name Verification Services: Report 0 45

South Korea’s anti-money laundering policy directs crypto exchanges to have form partnerships with banks, for the approval of their name by Sept.24th. As result crypto exchanges have paid $14.7M to Korean Banks for the verification of their names. The verification services have doubled the second-quarter profit to 16.97 won ((US$14.7 million), the Yonhap News Agency reported.

Previously the numbers were7.55 billion won ($6.5 million) in the first quarter, Yonhap said, citing a Korean financial watchdog. The trend indicates that private investors and technology experts are stilling active despite the country’s weak crypto market. The agency also said that Korea’s Korea’s biggest crypto trading platform, Upbit, recently paid 12.07 billion won ($10.5 million) to online bank K-bank.

On the other hand, the majority of the private investors named the anti-money laundering policy as a burden on their shoulders. They also said that the government’s law enforcement authorities have left investors with no choice but to pay, in case, any other scenario investors would invest in other countries.

The involvement of banks in this pattern is a step made by the Korean Government to control the crypto industry. Recently two other crypto exchanges Bithumb and Coinone have secured contracts with agricultural bank Nonghyup Bank, and Korbit with Shinhan Bank.

Trades have until Sept. 24 to enroll with Korea’s Financial Intelligence Unit or be closed down. To enroll, they should satisfy certain prerequisites, incorporating associations with banks for genuine name enlistment and endorsement for their “know-your-client” measures.

As of now, it is clear that approval of the country’s new anti-money laundering policy has left crypto exchanges with no options.  South Korean regulations have succumbed to the scope of crypto trading in the country. As a result of these uncertainties and regulation immaturity, global crypto exchanges have discontinued their services in the country.

However, major banks are also reluctant to partner with crypto exchanges as these services can put banks into accountability. Banking experts have argued that the rampant popularity of crypto trading is an encouraging sign, but it has also encouraged cyber criminals to be more proactive than in the past. Since Banks and crypto exchanges have developed strategic ties, cybercriminals can launch hacking attacks. It seems that the banking sector is afraid of the risks associated with digital technologies.

Cybercriminals are quickly on their toes to dig deep to take advantage of the emergence of digital technologies.  The volume of digital trade has increased over the years, so does online hacking attacks. Digital scams are a primary concern for more than half of the world’s financial institutions. South Korean banks are also concerned about the possible security breaches regarding the crypto marketplace. However, the development of digital media events will further raise these concerns.

Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *

Sentenced ‘Bitcoin Czar’ Named Among Pandora Papers 0 9

Juts couple of days ago ICIJ published its new research about some of the world’s top leaders’ and influential peoples’ stories of financial misconducts.  The reports by ICIJ also argued that “Bitcoin czar” may have been the member of the Carbanak hacking group. The International Consortium of Investigation Journalists (ICIJ) have also discussed the crypto criminal in their new leaks called “Pandora Papers.’

The ICIJ’s Pandora Papers have claimed “Bitcoin czar” a famous criminal who masterminded the largest “cyberheist in history” own the offshore assets. However, the Pandora Papers also said that those offshore assets being managed by a third independent firm.

Pandora Papers have exposed how some of the world’s most influential people have hidden their wealth. Where those papers have exposed world’s top 300 politicians and businessmen. The report has also discussed the operations of hacker group Carbanak. The cybergang according to the reports have stolen around $1.24 billion from financial institutes and the digital crypto exchnages as well. The network operated over more than 100 countries from 2013 to 2017.

However, the most famous arrest of this network’s members came in 2018, when the authorities finally managed to arrest the master mind Denis Tokarenko (also known as Denis Katana), and many people have voiced that Pandora Papers indirectly called his name.

The reports published by the Bloomberg’s business research and network team concluded that at the time of Tokarenko’s arrest back in the month of March 2018, the Spanish National Police recovered 15,000 Bitcoin (BTC), worth $162 million from his possession. This is history’s biggest crypto scam till today.

The illegal approach adopted by the Tokarenko did not just end here. The Chief inspector of the Spanish police, Carlos Yuste also told the sources that Tokarenko also purchased a bitcoin mining system in China. He used his mining system to launder his illegal Bitcoins as well.

Despite the fact that Pandora Papers have not directly covered the crypto thefts and other cyber-attacks, but these papers have partially included the incidents from digital trading as well. This leads to the future possibility the ICICJ might decided to open up about the digital thefts and cybercrimes incidents as well.

But the fact is that Pandora Papers have provide quite the useful insight about the some of world’s most famous cyber-attacks on the recent time. If authorities decided to put investigate these facts, then there might be multiple people who find them behind the bar. The primary issue regarding the cyber-attacks culprits is that majority of them gets away because of the lack of the profs. The only notable person who was sent to prison on committing a cybercrime was former Rizal Commercial Banking Corporation employee Maia Santos Deguito.

Uzbekistani Citizens Warned Against the Use of Unauthorized Exchanges 0 9

The government of Uzbekistan has been quite proactive when it comes to the use of crypto exchanges. As most of you may know, there has been a fair bit of commotion in the crypto world and most of it exists because of the regulations being implemented by a large number of governments. While some people are not in the favor of these regulations, many people, including a large number of crypto experts believe that they will be quite handy.

This is because regulating crypto will ensure that people don’t have to worry about false transactions, scams, frauds, and a large number of other issues prevalent in the world of crypto. The government of Uzbekistan has been especially quite determined to eliminate crypto-related corruption in the country. One of the first steps that the country has taken is to make sure that people in the country steer clear from making transactions with unauthorized exchanges.

For those who don’t know, there are loads and loads of exchanges operating in Uzbekistan and other countries in the world. Sure, not all of them are unauthorized but you will be surprised to learn that a large number of them happen to not be authorized.  What makes things so complicated is the fact that knowing which exchange is legit and which one isn’t can be quite challenging. This is because most exchanges, if not all, look one in the same and it is difficult for people to tell them apart.

This is one of the main reasons why the government of Uzbekistan has stepped in and tried to take matters into its own hands. One of the main aims of this exchange is to make sure that people do not have to worry about checking which exchange they would choose to invest crypto in. Instead, the government has been helping people quite a bit by creating teams just for the purpose of checking these exchanges.

In addition to that, the Uzbekistani government has also issued a notice against unauthorized crypto exchanges, stating that using them could result in serious action. Upon checking some of the exchanges operating in Uzbekistan, it was learned that there were more than 5 of them that did not have their own offices in the country. Instead, research teams found out, after a thorough investigation that these unauthorized exchanges were operating from somewhere else.

This was enough to suggest that the government is indeed hard at work to steer clear from crypto corruption in the country. Because of this, governments of other countries have also become quite proactive in order to eliminate any sort of corruption to keep investors safe.

Editor Picks

Ready To Invest in Bitcoin? - Top 4 Bitcoin Trading Brokers‎ Read More
Skip to content