In the interest of preventing fraud and abuse, complying with South Korea’s regulations, and protecting financial markets as well as its users, Huobi Korea announced today it is strengthening its protections against money laundering, identity theft, voice phishing, and other forms of abuse.
“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, which launched in 2018. “For that reason, this is a natural move for us and is an integral part of our plans for growth in the Korean market.”
Among other recently-enacted security enhancement measures, Huobi Korea has:
- Strengthened deposit and withdrawal processes via enhanced monitoring of abnormal transactions
- Enhanced transparency for Huobi Korea’s won-based fiat-to-crypto services
- Taken other measures to abide by the regulation and guidelines from the Korean Financial Services Commission
In addition, Huobi Korea plans to:
- Continuously update its FDS (Fraud Detection System) algorithms based on a monitoring list of abnormal transactions
- Establish a hotline between Huobi Korea and other exchanges aimed at preventing criminal activity
“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.”