South Korean Bank to Impose Stricter Regulations on Crypto Exchanges
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.