South Korea's leading bitcoin exchanges joined forces in the fight against money laundering

The four largest cryptocurrency exchanges in South Korea – Bithumb, Coinone, Korbit and Upbit – have announced a joint initiative, within which they will fight against potential money laundering and other fraudulent schemes. It is reported by CoinDesk .

The partnership announced last week, in particular, involves launching a hotline through which users will be able to report suspicious transactions, phishing attacks, pyramid schemes and other illegal activities.

A joint database of suspicious wallet addresses will also be created, which is expected to help identify and block fraudsters using various exchanges to transfer large amounts of money.

As the exchanges that have concluded the partnership expect, other trading platforms will join the initiative.

Earlier in January, South Korean authorities summed up the results of a check of 21 cryptocurrency exchanges for compliance with security requirements. According to its results, only seven sites received a positive conclusion from regulators.

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