- The police department will meet with Binance and the top five crypto exchanges.
- The goal of the agency’s efforts is to create a criminal investigative system.
The National Police Agency of South Korea is working on a technology to permit real-time surveillance of wallet addresses and the ability to freeze funds. The police department will meet with Binance and the top five cryptocurrency exchanges in South Korea to discuss these initiatives.
Since South Korea is the world’s second biggest crypto market, the government keeps a close eye on the industry there. Binance and the top five cryptocurrency exchanges in South Korea (Upbit, Bithumb, Coinone, Korbit, and Gopax) will meet with the National Police Agency on May 30 to discuss the country’s virtual asset exchange regulations, according to reports from the region’s news outlets.
Fight Against Crypto Crime
The goal of the agency’s efforts is to create a criminal investigative system that can keep tabs on wallet addresses in real-time and submit requests to have their funds frozen.
This comes after Binance re-entered the South Korean crypto market earlier this year by purchasing a controlling share in Gopax. Binance, the biggest cryptocurrency exchange in the world, has its own crew that keeps watch and reports suspicious behavior to authorities.
Binance has actually trained government agencies to better fight crypto crime and is in full compliance with regulations. To facilitate a confirmation mechanism for the trading of virtual assets, the National Police Agency engaged in commercial agreements with the five largest cryptocurrency exchanges in October.
When law enforcement checks one of the five largest exchanges for the wallet address in question, it notifies the exchange that it is being managed by law enforcement.
