Coinrail Had Strange Transactions Few Month Before Hack

Local publication said that some banks had identified suspicious transactions at the exchange and stopped providing services to company months before the hack
13 June 2018   1369

The seventh largest exchange of South Korea Coinrail reported its own hacking on Sunday, June 10. The damage was estimated at $ 40 million.

As Bitcoin.com reports with reference to local media, in February, Korean banks recorded activities related to alleged money laundering, coming from the Coinrail exchange.

Several banks that traded with Coinrail found suspicious money-laundering transactions in Coinrail in February, and some banks took steps to stop their fund deposits in April.
 

Bank Official

In South Korea, banks have a legal right to refuse servicing crypto exchange if they do not use the system to identify users based on real names, which was presented in January, but has not yet been widely disseminated.

The hack of the Coinrail exchange was the largest in the history of the South Korean market. Another local exchange Youbit has been hacked last year twice: in April and December. After the second episode, the company was forced to report its own bankruptcy.

Currently, Coinrail does not service the trade, and on posted a notice of technical works. It also says that 70% of assets have been moved to cold storage and are safe.

About 80% of the coins that have been confirmed to be leaked have been frozen/ withdrawn/ redeemed or equivalent…while the remainder is under investigation with investigators, related exchanges, and coin developers. The exact damage of the leaked coins / tokens is currently being confirmed, which may require some time with the coins.
 

Coinrail

"Investigators visited the exchange yesterday to ascertain whether it was an accident or a crime," the Korea Times said, adding that the investigation is being conducted by the police, the Korean Agency for Internet and Information Security and the Ministry of Science, Technology and Information.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   211

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.