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South Korea's Coinone partners with Certik, Xangle to improve security and transparency features

Thu, 08 Aug 2019, 04:35 am UTC

South Korean cryptocurrency exchange giant Coinone has tapped cybersecurity audit firm CertiK and disclosures company Xangle to provide more security and transparency.

As per the company’s announcement, the two firms will provide “public disclosure information” and “smart contract audit information” for cryptocurrencies listed on Coinone.

Under the partnership, Xangle will be working on investor protection and project transparency, whereas CertiK will oversee the security of the code, technology verification, project information security, and screening process.

Coinone strives to establish a listing system and strengthen the public function of the exchange (market surveillance, disclosure, and internal listing) in order to harmonize the two goals of actively listing cryptocurrency and securing investor confidence,” the number three crypto exchange in the country said.

The news follows after Coinone, along with three crypto firms (Bithumb, Upbit, and Korbit), is reportedly having a hard time renewing their accounts in South Korean banks. The country’s banking institutions are now asking for demand requirements from exchanges, after the new Financial Action Task Force (FATF) guidelines make them legally liable for any detected money laundering activities. The restrictions are so tight that smaller crypto exchanges may find it hard to survive.

Meanwhile, Coinone’s payment business and subsidiary crypto exchange Coinone Transfer has partnered with SBI Ripple Asia to facilitate blockchain-based remittance in South Korea. Dubbed as Cross, the new platform can now allow users to send remittances in eight countries, including China, Thailand, and the Philippines.

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