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South Korea proposes real-time monitoring to freeze funds on Binance

south-korea-proposes-real-time-monitoring-to-freeze-funds-on-binance
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South Korea proposes real-time monitoring to freeze funds on Binance

South Korea plans to implement a system that allows real-time monitoring of wallet addresses and freezing funds on crypto exchanges and Binance, among others.

A meeting will be held with Binance and the top 5 exchanges in South Korea to discuss the implementation. As the world’s second-largest crypto market, South Korea is focused on monitoring exchanges closely.

South Korea aims to introduce a real-time monitoring system for Binance to enhance oversight. The National Police Agency will host an active discussion with Binance and the top-five exchanges on May 30. The agency seeks to establish a criminal investigation system for real-time monitoring of wallet addresses and may request Binance to freeze funds when necessary.

This decision comes after Binance acquired a controlling share in Gopax to re-enter the South Korean cryptocurrency sector. Binance claims to maintain a dedicated team to monitor the market and report suspicious activities to relevant authorities. They have also provided training to government agencies, demonstrating their commitment to combatting crypto-related crimes and ensuring compliance.

In October, the National Police Agency entered into agreements with the five significant exchanges to develop a virtual asset exchange confirmation system. When investigating a specific wallet address, the authorities inform the exchange involved. Currently, 2086 investigators are utilizing the system, with plans to expand its coverage to include all 36 domestic exchanges.

South Korea is actively working to strengthen its cryptocurrency oversight. The recent approval of the Kim Nam-guk’s Prevention Law requires government personnel to disclose their cryptocurrency holdings. The authorities are also leveraging blockchain analytics and increasing the workforce of the investigation departments to combat cryptocurrency-related crimes and money laundering.

The Financial Supervisory Service will expand its investigation departments and establish specialized teams to collect information and respond to digital investigations, demonstrating South Korea’s commitment to improving cryptocurrency regulation.