Crypto Exchange Korbit Re-opens Offline Customer Center in Seoul
- Korbit opened its customer service offices in April 2018 but had to close them in January 2019.

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.
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.
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.
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.