Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Bithumb, Coinone, and Korbit Join Hands to Combat Money Laundering

Published 08/31/2021, 02:00 PM
Updated 08/31/2021, 02:00 PM
Bithumb, Coinone, and Korbit Join Hands to Combat Money Laundering

  • Bithumb, Coinone, and Korbit are coming together to set up CODE (COnnect Digital Exchanges).
  • The corporation will help them align systems better with the Travel Rule, an anti-money laundering standard.
  • The Travel Rule will be applied when transferring cryptocurrency worth 1 million won or more, starting from March 25, 2022.

Leading global cryptocurrency exchanges Bithumb, Coinone, and Korbit announced today that they are coming together for a joint venture, CODE (COnnect Digital Exchanges).

As per reports, the three companies will work together to build a ‘travel rule’ system. For this, they will have a total investment of 900 million won between them. The new-established corporation will help them abide by the Travel Rule, an anti-money laundering rule established in 2019. Moreover, each exchange will own one-third equal shares and voting rights.

Initially, the CEO will be Cha Myung-hoon, who is CEO of Coinone right now. Later, the representative directors appointed by the three companies will take turns to serve as CEO every ...

Continue reading on CoinQuora

Latest comments

🤌👍
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.