The South Korean National Police Service will hold a meeting with Binance and other crypto exchanges in the country.
The processes of crypto exchanges to comply with regulatory clarity and meet the requirements of countries continue at full speed. Efforts of centralized exchanges to find common ground with the traditional system marked this year.
Finally, South Korea plans to enter bilateral interaction with crypto exchanges. The South Korean National Police is working on a system for real-time wallet monitoring and funds freezing functions. Therefore, the institution will hold meetings with Binance and other crypto exchanges in the country.
South Korea’s National Police Service to Meet with Crypto Exchanges in the Country
The South Korean National Police Service is developing a system that allows to monitor crypto wallets and freeze funds when necessary.
South Korea’s police force will begin talks to cooperate with crypto exchanges, according to a report by e-daily. During the meetings, the use of the new system to be created in the stock markets will be discussed. Apart from crypto exchanges in South Korea, it is stated that Binance will also take part in this meeting.
Concentrating on the system that will facilitate the tracking of virtual wallet addresses and the intervention of funds when necessary, the South Korean National Police Service will establish a closer relationship with Binance in particular.
The country’s police force plans to roll out the system to all 36 local exchanges, apart from the five major ones. Previously, South Korean police had made deals with five domestic crypto exchanges, including Upbit. This agreement paved the way for the new system.
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