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Crypto exchange Huobi Korea takes measures to boost anti-money laundering protections

Huobi Korea

Thu, 21 Feb 2019, 13:26 pm UTC

Huobi Korea, the South Korean arm of Huobi cryptocurrency exchange, has announced that it is strengthening its protections against money laundering, identity theft, voice phishing, and other forms of abuse.

Established in 2018, Huobi Korea aims to provide reliable and secure services as an exchange, with plans to develop a more comprehensive blockchain ecosystem, including a blockchain research institute, portal businesses and financial services.

According to the official release, Huobi Korea has strengthened deposit and withdrawal processes via enhanced monitoring of abnormal transactions. It has also enhanced transparency for its won-based fiat-to-crypto services.

The measures are intended to ensure compliance with the country’s regulations and to protect financial markets as well as its users.

"Though we're relatively new in the Korean market, safety, security, and compliance have long been major priorities for Huobi as a whole," said David Oh, Chief Communications Officer of Huobi Korea, which launched in 2018. "For that reason, this is a natural move for us and is an integral part of our plans for growth in the Korean market."

Huobi Korea also said that it plans to continuously update its FDS (Fraud Detection System) algorithms based on a monitoring list of abnormal transactions. In addition, it also plans to establish a hotline with other exchanges to prevent criminal activity.

"We are always trying to make sure that Huobi Korea's customers can trade safely," said Oh. "Our mission is to create an environment where all customers can safely trade, and we plan to actively support our clients in preventing damage caused by accidents such as voice phishing and identity theft."

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