Bithumb, monitors the protection of new virtual assets… ”Strengthening Investor Protection”
Bithumb (CEO Heo Baek-young), Korea’s leading virtual asset exchange, announced that it has reinforced its deposit and withdrawal policies to prevent money laundering and financial fraud such as voice phishing.
Bithumb is currently implementing policies such as ▲New Virtual Asset Protection Deposit Monitoring System ▲Reinforcement of Overseas Access Monitoring ▲24-hour Withdrawal Delay System for Deposits in Korean Won ▲Abnormal Transaction Detection System (FDS) Monitoring.
The’New Virtual Asset Protection Deposit Monitoring System’ is a system that prevents ordinary investors from suffering damage from excessive sales immediately after listing, like the stock market protection deposit system. For virtual assets deposited in large quantities into the exchange wallet from outside, the source is verified to determine whether to transact. If a listed foundation or a specific investor deposits virtual assets that exceed the standard circulation volume before or after listing, transactions are restricted, and transactions are only possible through a procedure to verify the source through a proof procedure.
Monitoring of overseas access has also been greatly strengthened. When accessing Bithumb through an overseas IP, additional authentication is performed when abnormal transaction behavior is detected through reinforced monitoring. In particular, additional procedures such as proof of transaction, proof of participation in Virtual Asset Disclosure (ICO), reinforcement of identity verification (KYC), and writing of confirmation (non-face-to-face identification, etc.) are additionally carried out when requesting deposit and withdrawal of large amounts of virtual assets.
In addition, Bithumb operates a 24-hour withdrawal delay system for deposits in Korean won and an FDS system. This is a measure to prevent financial scams such as voice phishing in cooperation with real-name account-linked banks. When depositing in KRW, the withdrawal of virtual assets and some services are restricted for 24 hours by the amount of the deposit. The FDS system detects suspicious financial fraud and abnormal transactions through monitoring of virtual asset deposit and withdrawal patterns, withdrawal amounts, and access information, and withdrawals are restricted for up to 72 hours.
A Bithumb official said, “With the goal of protecting investors as the top priority, we implemented a protection deposit policy for newly listed virtual assets like the stock market, and continuously supplemented and improved related systems and solutions to prevent money laundering and financial fraud using virtual assets. “We will do our best to ensure that customers using Bithumb can trade virtual assets safely and conveniently.”
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.