A groundbreaking decision by South Korea’s National Police Agency is shaking up the crypto landscape. They’re planning a revolutionary system capable of real-time monitoring of wallet addresses, and yes, even freezing funds on Binance, the world’s biggest crypto exchange.
Next on the Agency’s agenda is a ‘Working Meeting on Virtual Asset Exchanges’ with Binance and the top five South Korean crypto exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax. The goal? To detail this innovative regulatory strategy.
According to E-Daily, the National Police Agency (South Korea) aimed to establish a system that would allow them to request confirmation of wallet addresses and freeze funds not only from the 5 domestic exchanges, but also from global exchanges like Binance.…
— Wu Blockchain (@WuBlockchain) May 30, 2023
The Binance Connection: A Major Stake in Gopax
This ambitious move comes hot on the heels of Binance’s acquisition of a significant stake in Gopax, allowing it to dip its toes back into the South Korean crypto waters. Binance has its own dedicated team to keep an eye on illicit activity and liaise with law enforcement.
In fact, Binance has even offered its expertise to government agencies, arming them with the know-how to tackle crypto crimes and establish the exchange’s reputation for stringent regulatory compliance.
The Law’s Long Arm: Crypto Oversight in South Korea
South Korea’s commitment to crypto regulation doesn’t end there. In a remarkable stride towards transparency, South Korea recently passed the Kim Nam-guk Prevention Law, requiring government officials to disclose their crypto holdings.
The Financial Supervisory Service, not to be outdone, is set to ramp up its investigatory muscle from a team of 70 to a whopping 95. Plus, it’s adding a special investigation team, an information collection task force, and a digital investigation response team to its arsenal.
We can’t help but ponder some intriguing questions. Will the introduction of real-time monitoring significantly deter crypto crimes? How will this affect the operations of exchanges like Binance?
Also Read – Binance eyes Global leadership with New Power Player – Richard Teng
