Bank of Korea requires virtual currency exchanges to strengthen anti-phone fraud and money laundering measures

According to Thebchain, as of July, the six-month virtual account issued by South Korea's four major virtual currency exchanges (Bithumb, Upbit, Coinone, Korbit) cooperative banks (ShinHan, NongHyup, IBK) is full and needs to be renewed. Because the FATF published guidelines for virtual currency associations in June, banks now working with the four major virtual currency exchanges require exchanges to strengthen anti-phone fraud and money laundering measures. The main reason is that if the money laundering phenomenon is found on the exchange, the cooperative bank needs to bear legal responsibility.