Coinone Exchange to Launch Ripple Based App

Using Cross, residents of South Korea will be able to exchange payments inexpensively with recipients from Thailand or the Philippines
12 December 2018   437

The South Korean Stock Exchange division Coinone launched the Cross payment application using Ripple's xCurrent technology.

The application is focused mainly on residents of the regions with underdeveloped banking infrastructure. According to Coinone Transfer representatives, with the help of Cross, residents of South Korea will be able to exchange payments inexpensively with recipients from Thailand or the Philippines.

To accomplish the task, Coinone will cooperate with the Thai Siam Commercial Bank and the Philippine financial institution Cebuana Lhuillier. In the future, Cross users will be able to transfer funds to any recipient from Thailand through the PromptPay system supported by Mastercard.

According to Ripple, cross-border transfers are extremely popular among South Korean immigrants from Thailand and the Philippines, who in 2017 made transfers of $ 17 billion.

Korean Exchange to Create AML Hotline

Operators will be checking suspecious transactions in real time by the user reports
28 January 2019   632

The four leading cryptocurrency exchanges of South Korea are joining forces in the fight against money laundering, reports the local news agency The Korea Herald.

Bithumb, Upbit, Korbit and Coinone exchanges organized a hotline through which users can report suspicious transactions that may be related to criminal activities, such as financial pyramids. A representative of one of the participating exchanges, on condition of anonymity, said that operators would be able to verify suspicious transactions in real time and immediately block the accounts associated with them if the information is confirmed.

Earlier this month, it became known that 21 South Korean stock exchange cryptocurrencies were audited by the security of local authorities. Most firms were unable to prevent criminal activity, but the measures used by Bithumb, Coinone and Korbit were satisfied with the regulators.

The cooperative step against money laundering via cryptocurrencies is expected to boost the soundness of the industry and to better protect consumers.

Quote, Yonhap

On January 20, it was reported that the leaders of the Korean Komid Crypto Exchange were sentenced to prison terms for falsifying trading volumes.