South Korean Bank to Impose Stricter Regulations on Crypto Exchanges

South Korean Bank to Impose Stricter Regulations on Crypto Exchanges 1

A major bank in South Korea is planning to impose stricter regulations on accounts to closely monitor cryptocurrency exchanges, according to a report from Cointelegraph citing Korean news outlet BEI News. 

Shinhan Bank plans to take special measures in response to claims that the bank has been aiding the rise of financial criminals committing fraud involving cryptocurrency exchanges. These special measures reportedly include the devotion of staff to analyze account transactions. 

The bank could also utilize an artificial intelligence monitoring system in the future to detect fraudulent transactions immediately and more accurately. 

“We have set up a comprehensive plan for the elimination of telecommunication and financial fraud,” a spokesperson for the bank said, per Cointelegraph. “We will continue to implement preventive measures so that customers will not be harmed in the future.” The stricter regulations may also be motivated by recent cryptocurrency hacks. In June 2018, Bitcoin Magazinereported that the South Korean exchange platform Bithumb lost $30 million worth of cryptocurrencies as a result of a hack.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,605 0.54 % 0.20 % 2.90 %
--- --- --- ---
--- --- --- ---
USD Coin0.9989 0.16 % 0.08 % 0.04 %
--- --- --- ---
--- --- --- ---
--- --- --- ---
Cardano0.9566 0.22 % 0.68 % 6.96 %
--- --- --- ---
--- --- --- ---

bitcoin
Bitcoin (BTC) $ 29,679.00
ethereum
Ethereum (ETH) $ 1,890.32
tether
Tether (USDT) $ 0.999131
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 315.85
xrp
XRP (XRP) $ 0.399048
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.499082
solana
Solana (SOL) $ 46.14
dogecoin
Dogecoin (DOGE) $ 0.0804