Largest Korean Exchange to Open Singapore Office

The decision of Dunamu (Upbit's operator) to enter the Singapore market was influenced by the positive approach of the Monetary Authority of Singapore
20 September 2018   430

The operator of the leading South Korean cryptocurrency exchange Upbit, Dunamu, announced its intention to open another trading platform in Singapore in October. This is reported by CCN.

In a statement, Alex Kim, CEO of Upbit Singapore, said that users from Singapore will be able to trade all the cryptocurrencies, an integrated by partner exchange. The new platform will have a 24-hour security monitoring system.

He also noted that the decision of Dunamu to enter the Singapore market was influenced by the positive approach of the Monetary Authority of Singapore (MAS) to regulation, as well as the desire of the country's government to create a powerful crypto and blockbuster industry.

Upbit is supporting the trading pairs with the Korean won since mid-2017 and intends to support the Singapore dollar after the opening of the new exchange. This suggests that the exchange has strong banking partners in the country that can support demand and interest in cryptocurrencies.

We felt the timing was right to expand globally despite various uncertainties surrounding the Korean market. One of the key functions of a crypto-asset exchange is to connect the real economy to cryptocurrencies, and we believe we can provide this bridge between Korea and the global market. We hope the blockchain regulatory guidelines will be established soon in Korea so that companies here can continue to grow their competitiveness.
 

Sigroo Lee

CEO, Dunamo

Upbit is a division of the South Korean technological giant Kakao. The launch of this trading platform took place in October 2017, and in this short time the exchange managed to become the 11th largest trading company in the world. Currently, the daily turnover of Upbit is about $ 160 million

Korean Exchange to Create AML Hotline

Operators will be checking suspecious transactions in real time by the user reports
28 January 2019   445

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.