Crypto Firm Huobi Korea Strengthens AML Protections To Prevent Fraud

Huobi Korea, an extension of cryptocurrency exchange Huobi Group, has strengthened its protections against money laundering, identity theft, voice phishing, and other forms of abuse.

Established in 2018, Huobi Korea is dedicated to provide reliable and secure services as an exchange, with plans to develop a more comprehensive blockchain ecosystem, including a blockchain research institute, portal businesses and financial services.

Huobi Korea announced that it recently enacted security enhancement measures in order to comply with South Korea’s regulations and protect financial markets as well as its users. The company said that it strengthened deposit and withdrawal processes via enhanced monitoring of abnormal transactions and enhanced transparency for its won-based fiat-to-crypto services. It also added other measures to abide by the regulation and guidelines from the Korean Financial Services Commission.

“Though we’re relatively new in the Korean market, safety, security, and compliance have long been major priorities for Huobi as a whole,” said David Oh, Chief Communications Officer of Huobi Korea. “For that reason, this is a natural move for us and is an integral part of our plans for growth in the Korean market.”

In addition, Huobi Korea is planning to continuously update its Fraud Detection System (FDS) algorithms based on a monitoring list of abnormal transactions. It also plans to launch an inter-exchange hotline to prevent fraud and abuse.

“We are always trying to make sure that Huobi Korea’s customers can trade safely,” said Oh. “Our mission is to create an environment where all customers can safely trade, and we plan to actively support our clients in preventing damage caused by accidents such as voice phishing and identity theft.”