In order to comply with the Act on the Use and Reporting of Specific Financial Transaction Information (hereinafter referred to as the Specific Financial Information Act) and the Enforcement Decree of the Act, the Korea Digital Exchange (CEO Seok-Jin Kim, hereinafter referred to as Flybit), the operator of the virtual asset exchange Flybit, Binance) announced on the 14th that it will end the order book service.
According to Article 28 (Measures by Virtual Asset Business Operators) of the Financial Information Analysis Agency Notification No. 2021-1, Specific Financial Transaction Information Reporting and Supervision Regulations previously announced by the Financial Information Analysis Agency (FIU), a virtual asset business entity It has been stated that if a virtual asset business operator wants to mediate the trading or exchange of virtual assets between customers, it is allowed to be limited only when certain requirements are met.
Flybit signed a technology license agreement with Binance at the same time as rebranding in April of last year, and has provided convenience by supporting token liquidity supply and trading of various virtual assets in the fair market (USDT · BTC market). For the purpose of complying with the enforcement ordinance of the specific financial information law, the transaction service of the fair market (USDT · BTC market) linked with Binance will be terminated at the end of May, and the withdrawal service will be supported by the end of July.
A Flybit official said, “We will thoroughly comply with the Act on the Use and Reporting of Specific Financial Transaction Information (Specific Financial Information Act) and will do our best to protect customers and strengthen rights and interests.” We will try to provide a stable service by implementing it.”
Meanwhile, Flybit has completed consulting on the AML internal control system to effectively prevent financial crimes and money laundering using virtual assets, and is currently undergoing tests with the aim of establishing it at the end of May.
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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.