• The Nationwide Police Company held a gathering with 5 South Korean cryptocurrency exchanges and Binance.
• The assembly centered on a brand new system that the company plans to implement on cryptocurrency exchanges.
• The system will enable customers to view their cryptocurrency wallets and request account freezes.

In keeping with South Korean media studies, main cryptocurrency change Binance in the present day participated in a “digital asset change work convention” hosted by the Nationwide Police Company, the place the Nationwide Police Company mentioned plans to introduce a brand new system. on a cryptocurrency change.

In a report launched on Could 30, the authorities determined to introduce a brand new system into the crypto business that might enable traders to confirm cryptocurrency pockets addresses and submit requests to freeze funds if mandatory. declared. The development of the brand new system will likely be utilized not solely to Binance, but in addition to 5 main Korean cryptocurrency exchanges.

Binance has invested in main South Korean cryptocurrency firm GOPAX, which had suspended withdrawals in November 2022, “on account of upstream challenges skilled by Genesis International Capital Co., Ltd.” It was not till February 2023 that it returned to the market. Binance cited GOPAX’s dedication to the cryptocurrency group as a cause for supporting the corporate.

In October 2022, the police signed an settlement with 5 cryptocurrency firms, together with Upbit, and the “digital asset change affirmation system” was born. Below this scheme, the 5 main exchanges will obtain data when investigating cryptocurrency wallets.

Binance employs a number of methods to guard its providers and forestall fraud. In March 2023, Binance partnered with legislation enforcement to launch a joint anti-fraud marketing campaign. Equally, the corporate has frozen accounts linked to North Korean cyberattacks to safe funds.