KORBIT has the renewal of its real-name verification account contract with Shin-han bank
Korbit, a South Korean cryptocurrency exchange, is gearing up for the next phase of growth following the renewal of its real-name verification account contract and the re-opening of its fiat deposit service next week. The move comes after the exchange passed the cyber security and AML inspections undertaken by its banking partner. To this end, Korbit plans to embrace the stricter AML policies and anti-fraud measures demanded by Korean and overseas regulators by revamping its transaction surveillance systems. Under the new system, Korbit will centralize transaction monitoring and customer protection measures which have previously been scattered across the organization. Furthermore, in order to pre-empt fraudulent activities, Korbit plans to tighten rules around fiat deposits and cryptocurrency withdrawals by means of a new fraud detection system (FDS). In order to further fortify its monitoring process, Korbit aims to set a new standard by dedicating additional resources and specialists to this effort and also integrating external services from credit rating agencies and machine-learning solutions. The partnering firms will collectively play important roles in this process, by working closely with Korbit to provide surveillance support for money-laundering and other illicit activities, and thus aiding the growth of a healthy cryptocurrency ecosystem. Korbit’s CEO Park, Sanggon(Jason) comments, “Korbit’s success would not have been possible without the support of our loyal customers, and we are tremendously grateful for that. Our customers deserve nothing short of the most transparent and secure trading environment the industry has to offer. We are relentless in our commitment to delivering such as a platform by investing significantly in this area and also through close collaboration with our relevant partners.” Going forward, Korbit plans to expand the spectrum of cooperation with its partners in areas such as analysis of suspicious cryptocurrency transactions, assistance in law enforcement’s crime investigations, and the creation of a financial crime victims fund.