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The National Police Agency of South Korea is rolling up its sleeves to implement a system boasting superior features such as real-time wallet address tracking and fund freezing. The officials of the South Korean National Police Agency will meet with representatives of Binance and the top five cryptocurrency exchanges in South Korea to discuss the system plans.
Real-Time Crypto Monitoring System
According to local press reports, the South Korean National Police Agency will organize a virtual asset exchange working meeting with officials of Binance and the top five cryptocurrency exchanges in South Korea – Upbit, Bithumb, Coinone, Korbit, and Gopax on May 30. The South Korean National Police Agency aims to launch a criminal investigation system for real-time tracking of wallet addresses and particularly wants to place the fund freezing system in Binance.
This move comes following Binance’s purchase of a majority stake in Gopax to re-enter the South Korean market earlier this year. Binance, the world’s largest cryptocurrency exchange by volume, already has its team that detects bad actors, monitors their transactions, and reports to law enforcement. Binance also provides training to government agencies to fight crimes against the cryptocurrency sector and to keep the exchange in compliance with regulators.
In October 2022, the South Korean National Police Agency signed cooperation agreements with the top five cryptocurrency exchanges to implement a cryptocurrency exchange approval system. Within the scope of the cooperation, the South Korean National Police Agency can directly request information from exchanges when there is a need for information about a wallet address under investigation. The aforementioned system is currently used by 2,086 researchers. The South Korean National Police Agency wants to implement the system in all 36 local exchanges as well as other cryptocurrency exchanges.
South Korea Tightens Controls in the Crypto Sector
South Korea recently adopted the Kim Nam-guk Prevention Law to force government officials to disclose their cryptocurrencies. Institutions also began using Blockchain analytics tools to prevent money laundering through cryptocurrencies and potential crimes on this front.
The South Korea Financial Supervisory Service is preparing to increase the manpower of its three investigation departments from 70 to 95 and set up a special investigation team, information gathering task force, and digital investigation intervention team.
