South Korea joins forces with Binance to strengthen crypto surveillance

South Korea reinforces its surveillance of cryptocurrency market. Recently, the National Police Agency announced a working meeting with Binance, the world’s largest cryptocurrency exchange, and South Korea’s five main stock exchanges. The aim is to establish real-time monitoring of crypto wallet addresses.

Towards a reinforced surveillance system in South Korea

To prevent criminal activity and ensure the security and transparency of the cryptocurrency market, The National Police Agency has taken decisive action.

A report in local media on May 30 explain that the agency is planning a meeting with Binance, and five other local exchanges, to strengthen oversight of the cryptocurrency market.

The aim of the meeting is to set up real-time monitoring of crypto wallet addresses and freeze funds on Binance and other leading exchanges such as Upbit, Bithumb, Coinone, Korbit and Gopax.

The police agency had already reached commercial agreements last October with the country’s five main stock exchanges to create a virtual system for confirming asset trading. Today, the agency wants to extend this system to other trading platforms, including the 36 national stock exchanges.

Meeting with Binance is particularly important, notably due to this platform’s acquisition of a majority stake in Gopax, to re-enter the South Korean cryptocurrency market. Binance has a team dedicated to monitoring and detecting suspicious activity, which it reports to the relevant authorities.

In addition, Binance provided training for government agencies to effectively combat cryptocurrency-related crime and comply with current regulations.

This initiative demonstrates the South Korea to ensure a healthy environment for cryptocurrency investors and users, given that the country is one of the leading markets in this field.