Crypto Exchange Korbit Re-opens Offline Customer Center in Seoul

South Korean cryptocurrency exchange, Korbit has announced that it has re-opened an offline customer service center in Gangnam District, located in Seoul. According to EDaily, the firm had to close its customer center in January 2019 as the so-called 'crypto winter' arrived in the country. Still, despite the pandemic, the exchange re-opened its doors and is now located in a highly commercial zone.

But, the customers who like to enter the center should comply with a series of requirements before gaining access, as the pandemic situation in the country remains critical. First, if Korbit users would like to get advice on the usage of the exchange and other crypto-related matters in the center, they should arrange appointments via a web portal enabled for the purpose. Specifically, the offices are located on the 7th floor of the Junkyung Building near the headquarters in Teheran-ro at Gangnam-gu.

“We will increase customer satisfaction by explaining customers’ questions that may arise in virtual asset transactions easily and fully from the customer’s point of view,” Oh Se-jin, CEO of Korbit, commented on the announcement. Other local crypto exchanges like Bithumb and Coinone already re-opened their offline customer service centers early this year despite the COVID-19 pandemic. In fact, both exchanges closed these offices because of low trading volumes and the Coronavirus Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, most countries also resorted to lockdowns in a bid to stifle the virus’ spread. At the time of writing, nobody knows whether this tactic will succeed in controlling Covid-19, though its early impact on financial markets is being felt already.Equity markets across most exchanges effectively crumbled by nearly a third in early 2020, with the worst being seen in March 2020. Stock markets have since rebounded, though only with the help of broad-based stimulus programs. Nowhere was this more prevalent than in the United States, with the Federal Reserve resorting to measures not used since the Great Financial Crisis. This included trillions in bond-buying purchases in a bid to stabilize the economy.The outbreak of Covid-19 also saw the collapse of the global oil market, which saw futures briefly enter into negative territory. Highly reduced demand out of China and most economies, as well as a price war between Russia and Saudi Arabia have exacerbated this trend.Effects of Covid-19 on BrokersIn the retail space, forex brokers have experienced an early surge in trading volumes in 2020. This can be explained by a large uptick in potential clients, ironically due to stay at home orders and quarantining.It remains to be seen whether this trend will hold longer term as middle-aged potential investors return to work in 2020. In terms of other operations, brokers have had to rethink traditional call centers and other mechanisms for reaching clients due to the disruption of the virus.A push for online call centers and other such support is likely to overtake other methods of dealing with clients with a vaccine as of yet not available. Longer-term, a looming recession can also potentially impact brokers with the pool of investors once again possibly shrinking. As the situation of Covid-19 is unprecedented, brokers have joined other entities in a wait-and-see mode. The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, most countries also resorted to lockdowns in a bid to stifle the virus’ spread. At the time of writing, nobody knows whether this tactic will succeed in controlling Covid-19, though its early impact on financial markets is being felt already.Equity markets across most exchanges effectively crumbled by nearly a third in early 2020, with the worst being seen in March 2020. Stock markets have since rebounded, though only with the help of broad-based stimulus programs. Nowhere was this more prevalent than in the United States, with the Federal Reserve resorting to measures not used since the Great Financial Crisis. This included trillions in bond-buying purchases in a bid to stabilize the economy.The outbreak of Covid-19 also saw the collapse of the global oil market, which saw futures briefly enter into negative territory. Highly reduced demand out of China and most economies, as well as a price war between Russia and Saudi Arabia have exacerbated this trend.Effects of Covid-19 on BrokersIn the retail space, forex brokers have experienced an early surge in trading volumes in 2020. This can be explained by a large uptick in potential clients, ironically due to stay at home orders and quarantining.It remains to be seen whether this trend will hold longer term as middle-aged potential investors return to work in 2020. In terms of other operations, brokers have had to rethink traditional call centers and other mechanisms for reaching clients due to the disruption of the virus.A push for online call centers and other such support is likely to overtake other methods of dealing with clients with a vaccine as of yet not available. Longer-term, a looming recession can also potentially impact brokers with the pool of investors once again possibly shrinking. As the situation of Covid-19 is unprecedented, brokers have joined other entities in a wait-and-see mode. Read this Term situation.

Crypto Industry Situation in South Korea

Additionally, Korbit’s manoeuvre comes amid a tumultuous situation surrounding the crypto sphere in South Korea. In the words of industry experts, the regulatory environment keeps hostile, and crypto-related crackdowns are underway, implying that the government is keeping a close eye on any developments regarding such a market.

In June, the Financial Services Commission (FSC) decided to extend the deadline for implementing Anti-Money Laundering (AML) Anti-Money Laundering (AML) Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification (Know-Your-Customer checks) and bots that monitor for suspicious trading activity.AML Laws at WorkAML laws take explicit aim at corruption, tax evasion, market manipulation, and the trade of illegal goods. Much of their emphasis also looks to bring to light the efforts individuals or entities utilize to conceal these crimes.Essentially, AML procedures are intended to make it harder for criminals to “hide the loot.” Often, money launderers attempt to disguise their illicitly-obtained funds by funneling it through a legitimate cash business, like a regulated cryptocurrency exchange. Therefore, it is up to the businesses to ensure that they aren’t unwillingly part of a money-laundering scheme.One of the most prevalent issues to combat is laundering, which involves running money through a legitimate cash-based business owned by the criminal organization or its associates. A supposedly legitimate business can then deposit the money, which the criminals can subsequently withdraw.Launderers can also target foreign accounts to make deposits it, depositing cash below several regulatory thresholds that fail to garner suspicion. In the US for example, many transfers or cash payments under $10,000 are unlikely to draw the attention of regulatory authorities.Additionally, money launderers can move cash into dishonest brokers who are willing to ignore existing regulations in return for large commissions. Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification (Know-Your-Customer checks) and bots that monitor for suspicious trading activity.AML Laws at WorkAML laws take explicit aim at corruption, tax evasion, market manipulation, and the trade of illegal goods. Much of their emphasis also looks to bring to light the efforts individuals or entities utilize to conceal these crimes.Essentially, AML procedures are intended to make it harder for criminals to “hide the loot.” Often, money launderers attempt to disguise their illicitly-obtained funds by funneling it through a legitimate cash business, like a regulated cryptocurrency exchange. Therefore, it is up to the businesses to ensure that they aren’t unwillingly part of a money-laundering scheme.One of the most prevalent issues to combat is laundering, which involves running money through a legitimate cash-based business owned by the criminal organization or its associates. A supposedly legitimate business can then deposit the money, which the criminals can subsequently withdraw.Launderers can also target foreign accounts to make deposits it, depositing cash below several regulatory thresholds that fail to garner suspicion. In the US for example, many transfers or cash payments under $10,000 are unlikely to draw the attention of regulatory authorities.Additionally, money launderers can move cash into dishonest brokers who are willing to ignore existing regulations in return for large commissions. Read this Term) protocols in cryptocurrency exchanges until the end of 2021. Originally, crypto trading platforms were given until early July to establish these new AML rulings after the legislation was enacted on March 25, 2021.