Binance should implement a new system to identify wallets and freeze assets, according to Korea
Central issues:
- An emergency meeting with the top five Korean cryptocurrency exchanges and Binance will be held by the Korean National Police Agency.
- The purpose of the meeting was to develop a system that would enable them to request wallet address confirmation and freeze funds from five domestic and global exchanges like Binance.
- The top five cryptocurrency exchanges in South Korea reportedly joined the system in October of last year.
The Korean Police Agency is pushing ahead with its plan to adopt its crypto asset transaction confirmation system in the country and for Binance.
E-Daily reported this afternoon that the Korean police will hold an emergency meeting with the five largest Korean exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax) and Binance to develop a plan to create a system that enables users to check the addresses of virtual currency wallets and request the freezing of funds not only on the five major domestic exchanges but also on the largest cryptocurrency exchange in the market.
In the past, in October of last year, the police opened a “virtual asset exchange confirmation system” and entered into business agreements with five domestic virtual asset exchanges, including Upbit. The method by which the police find the address of the virtual asset wallet under investigation is to notify the actual regulated exchange among the five major exchanges.
This nation is pushing for the implementation of this system on Binance, an international virtual asset exchange. The hotline’s reorganization as a police-only communication network and the development of the virtual asset exchange confirmation system will also be discussed. The police intend to grow the trade affirmation framework to each of the 36 trades in the nation, including five significant trades.
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This action was planned in response to the country’s ongoing investigation into the virtual assets of legislator Kim Nam-guk. According to the conclusion, the former Democrat owned crypto assets worth at least $4.5 million on the Wemix exchange. This revelation collects worries about conceivable tax evasion, irreconcilable circumstances, and maltreatment of inside data.
The public authority has found a way huge ways to resolve the issue of digital money property among state authorities by presenting the “Kim Nam-guk Counteraction Regulation.” The law comes following an outrage including individuals from Congress who were found to have moved a lot of cryptographic money. Legislators and senior officials are required to report their crypto assets under the new law, which was approved by Congress unanimously.
