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Four major South Korean cryptocurrency exchanges have reportedly joined their forces in order to combat money laundering, sources told local news agency The Korea Herald on Monday, Jan. 28.
Quoting a report from South Korean news outlet Yonhap, the articles notes that Bithumb, Upbit, Korbit and Coinone have reportedly established a hotline where users can share information on any unusual trading or payments that could possibly be related to crimes, such as pyramid schemes.
According to an anonymous representative of one of the operators, the exchanges will thereby be able to instantly check any suspicious transactions and immediately block the related accounts.
In early January, Cointelegraph reported that seven of 21 local crypto exchanges have received approval from the South Korean government after a security audit.