South Korean cryptocurrency exchanges pool data to counter money launderers

Laundering funds with cryptocurrencies could soon become a thing of the past in South Korea if four of the country’s exchanges have their way. According to a local media report, Bithumb, Upbit, Corbit and Coinone have cobbled together to share ‘real-time’ wallet information on any suspicious activity linked to phishing attempts and pyramid schemes. It comes months after the South Korean government’s attempts to clamp down on cryptocurrency activity were met by deafening resistance from investors and companies in the space. The news also follows an amendment to the country’s anti-money laundering rules, which requires domestic banks offering services to cryptocurrency exchanges to…

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