Binance Co-operating With South Korean Police on Asset Freezing System

• The National Police Agency organized a meeting with five Korean crypto exchanges and Binance.
• The meeting focused on a new system that the agency plans to implement in crypto exchanges.
• The system would allow users to check crypto wallets and request for account freezing.

According to a report from the South Korean media, the leading crypto exchange Binance has taken part in a “virtual asset exchange working meeting” today, organized by the National Police Agency, in which the agency discussed its plans on a novel system to be implemented in the crypto exchanges.

The report published on May 30 declared that the agency has decided to implement a new system in the crypto industry in which investors could verify crypto wallet addresses and put forward requests for freezing funds when needed. The building of the new system is applicable to five major Korean crypto exchanges as well as Binance.

It was in February 2023 when Binance returned to the Korean crypto market by investing in the leading South Korean crypto firm GOPAX, which had halted withdrawals in November 2022, as “a consequence of the upstream challenges experienced by Genesis Global Capital, LLC”. Binance cited GOPAX’s commitment to the crypto community as a reason for supporting the company.

In October 2022, the police signed agreements with five crypto firms including Upbit, giving rise to the “virtual asset exchange confirmation system”. Under the system, the five major exchanges are to receive information during investigations of crypto wallets.

Binance has embraced several strategies to secure its services as well as to prevent fraudulent activities. In March 2023, Binance partnered with law enforcement agencies to create a joint anti-scam campaign. Similarly, the firm froze accounts connected to the North Korean cyber-attack, in an effort to secure funds.

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