{"id":50854,"date":"2023-05-30T04:28:57","date_gmt":"2023-05-30T08:28:57","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=50854"},"modified":"2023-05-30T04:29:00","modified_gmt":"2023-05-30T08:29:00","slug":"south-korea-to-implement-system-that-freezes-funds-on-top-crypto-exchanges","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/south-korea-to-implement-system-that-freezes-funds-on-top-crypto-exchanges\/","title":{"rendered":"South Korea To Implement System That Freezes Funds On Top Crypto Exchanges"},"content":{"rendered":"\n

The National Police Agency of South Korea will meet with Binance and the top five cryptocurrency exchanges<\/a> in South Korea to discuss plans to implement a system with real-time wallet address monitoring and freeze funds capabilities. <\/p>\n\n\n\n

\"South
South Korea To Implement System That Freezes Funds On Top Crypto Exchanges<\/figcaption><\/figure>\n\n\n\n

Local news outlets reported that the National Police Agency would hold a virtual asset exchange<\/a> working meeting with Binance and the top five cryptocurrency exchanges in South Korea (Upbit, Bithumb, Coinone, Korbit, and Gopax) on May 30. <\/p>\n\n\n\n

The agency desires to implement a system for real-time surveillance of wallet addresses as part of a criminal investigation and to request the freezing of funds on Binance.<\/p>\n\n\n\n

Binance acquired a majority stake in Gopax earlier this year to re-enter the South Korean cryptocurrency market. The largest cryptocurrency exchange in the world, Binance, has a staff that monitors and reports criminal activity to law enforcement. <\/p>\n\n\n\n

Binance provided government agencies training to combat crypto-related crimes and make the exchange compliant with regulators.<\/p>\n\n\n\n

National Police Agency\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> entered into business agreements with the top five crypto exchanges in October to facilitate a confirmation system for virtual asset exchanges. <\/p>\n\n\n\n

When the police search for the wallet address under investigation, the exchange is notified that it is managed by the police among the five largest exchanges.<\/p>\n\n\n\n

As of May 2023, 2086, investigators are using the system, according to reports. The agency intends to expand the system to include all 36 domestic cryptocurrency exchanges.<\/p>\n\n\n\n

South Korea Strengthens Crypto Supervision<\/h2>\n\n\n\n

South Korea recently enacted the Kim Nam-guk Prevention Law to require government officials to d<\/a>i<\/a>sclose their crypto holdings<\/a>. Additionally, the agencies utilize blockchain analytics tools to prevent crypto money laundering and criminal activity.<\/p>\n\n\n\n

The Financial Supervisory Service will increase the present workforce of its three investigation departments from 70 to 95 and create a special investigation team, information collection task force, and digital investigation response team.<\/p>\n","protected":false},"excerpt":{"rendered":"

The National Police Agency of South Korea will meet with Binance and the top five cryptocurrency exchanges in South Korea to discuss plans to implement a system with real-time wallet address monitoring and freeze funds capabilities. Local news outlets reported that the National Police Agency would hold a virtual asset exchange working meeting with Binance […]<\/p>\n","protected":false},"author":12,"featured_media":19379,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[326,1406,1712],"class_list":["post-50854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-binance","tag-crypto-exchange","tag-south-korea"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/image-360.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/50854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=50854"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/50854\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/19379"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=50854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=50854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=50854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}