Korea Wants Binance To Adopt New System To Identify Wallets And Freeze Assets

Key Points:

  • The Korean National Police Agency will hold an emergency meeting to meet the top 5 crypto exchanges in Korea and Binance.
  • The meeting aimed to establish a system that would allow them to request wallet address confirmation and freeze funds from 5 domestic exchanges and global exchanges like Binance.
  • Reportedly, the top 5 cryptocurrency exchanges in South Korea joined the system last October.
The Korean Police Agency is pushing ahead with its plan to adopt its crypto asset transaction confirmation system in the country and for Binance.
Korea Wants Binance To Adopt New System To Identify Wallets And Freeze Assets

As reported by E-Daily this afternoon, the Korean police will have an emergency meeting with the 5 largest Korean exchanges (Upbit, Bithumb, Coinone, Korbit and Gopax) and Binance to develop a plan to build built a system that allows users to check virtual currency wallet addresses and request freezing of funds not only on 5 major domestic exchanges but also on the largest cryptocurrency exchange in the market through this meeting.

Previously, in October last year, the police signed business agreements with five domestic virtual asset exchanges, including Upbit, and opened a “virtual asset exchange confirmation system”. When the police look up the address of the virtual asset wallet under investigation, it works in a way that notifies the exchange that is actually regulated among the five major exchanges.

This country is promoting this system so that it can be applied to Binance, an overseas virtual asset exchange. In addition, the advancement of the virtual asset exchange confirmation system and the reorganization of the hotline (a police-only communication network) will be discussed. The police plan to expand the exchange confirmation system to all 36 exchanges in the country, including five major exchanges.

Korea Wants Binance To Adopt New System To Identify Wallets And Freeze Assets

This action is organized after an investigation related to the virtual assets of lawmaker Kim Nam-guk in the country is being investigated. The finding shows that the former Democrat held at least $4.5 million in crypto assets on the Wemix exchange. This disclosure raises concerns about possible money laundering, conflicts of interest, and abuse of inside information.

The government has taken significant steps to address the issue of cryptocurrency holdings among state officials by introducing the “Kim Nam-guk Prevention Law.” The law comes in the wake of a scandal involving members of Congress who were found to have transferred large amounts of cryptocurrency. The new law, which Congress has unanimously passed, requires lawmakers and senior officials to report their crypto assets.

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