[Blockchain Today Correspondent Kim So-yeon] Major domestic virtual asset exchanges have introduced a ‘white listing’ system as a measure to prevent money laundering and have started risk assessment of exchanges. Whitelisting is a system that allows withdrawal of virtual assets only to wallets that have been registered in advance, and has the advantage of being more secure from crimes such as voice phishing.
Bithumb and Coinone have implemented whitelisting. First, Coinone required users to register an external wallet that has proven that at least one of their name, mobile phone number, and email address is the same, and Bithumb conducted an anti-money laundering risk assessment.
It is presumed that this was in response to the request of NH Nonghyup Bank. The two exchanges received real-name accounts from NH Nonghyup Bank to report virtual asset operators in the KRW market in accordance with the Specific Financial Information Act (Special Provisions Act) in September of last year, and the bank took measures to prevent money laundering (AML) with Bithumb and Coinone. was reported to have requested.
This seems to be to prevent the risk of money laundering-related financial accidents in advance, and it is presumed that the screening criteria were very strict. The overseas exchanges that have completed the anti-money laundering risk assessment, announced by the virtual asset exchange Bithumb, are â–²Coinbase â–²Kraken â–²CoinCheck â–²BitFlyer â–²ByBit â–²Gemini â–²CoinlistPro â–²Pemex â–²Bitbank â–²Line Bitmax â–²Bitfront, etc. Large global exchanges such as Binance and Huobi were not yet included, so it drew attention.
As a result, foreign exchanges that have passed the screening can register their wallet addresses on Bithumb. As global large exchanges such as Binance and Huobi are still delaying their pass review, users’ interest in these exchanges is focused.
First, BitFlyer is a virtual asset exchange established in 2014 with its headquarters in Tokyo, Japan. As the No. 1 cryptocurrency exchange in Japan, it accounts for nearly 50% of the total Japanese cryptocurrency trading volume, and has received about 39 billion won in investment since its establishment in 2014.
Bybit is a Singapore-based cryptocurrency exchange established in 2018 that also enables derivatives and spot trading. Bybit’s NFT Marketplace, which started its service on the 20th of last month (local time), is a one-stop shop for artists, creators, and collectors. .
In addition, the mobile game Monster Galaxy, which held an NFT sale and airdrop event to commemorate the launch of the NFT Marketplace, is one of Bybit’s launchpad projects. Bybit has been introducing various projects such as BIT Launchpad, CBX Launchpad, GENE Launchpad, PINTU Launchpad, and SIS Launchpad.
Gemini is also an American cryptocurrency exchange established in 2014. It is a digital currency exchange and storage institution that allows customers to trade virtual assets and is regulated by the New York State Department of Financial Services (NYSDFS).
Meanwhile, Korbit, a domestic virtual asset exchange that has a real-name account partnership with Shinhan Bank, is also expected to introduce a white listing system. Upbit, the largest cryptocurrency exchange in Korea, is known to have not yet made a request for anti-money laundering by K-Bank, a real-name account partner, and it is speculated that it will not implement a white listing. An Upbit official said, “Nothing has been decided.”
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