<p class="is-style-lead">South Korea plans to implement a system that allows real-time monitoring of wallet addresses and freezing funds on <a href="https://crypto.news/learn/how-to-invest-in-cryptocurrency/">crypto</a> exchanges and Binance, among others.  </p>



<p class="is-style-default">A meeting will be held with Binance and the top 5 exchanges in South Korea to discuss the implementation. As the world&#8217;s second-largest crypto market, South Korea is focused on monitoring exchanges closely.</p>



<p>South Korea aims to introduce a real-time monitoring system for Binance to enhance oversight. The National Police Agency will host an active discussion with Binance and the top-five exchanges on May 30. The agency <a href="https://www.edaily.co.kr/news/read?newsId=01748246635614168&amp;mediaCodeNo=257&amp;OutLnkChk=Y" target="_blank" rel="noreferrer noopener">seeks</a> to establish a criminal investigation system for real-time monitoring of wallet addresses and may request Binance to freeze funds when necessary.</p>



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<p>This decision comes after Binance acquired a controlling share in Gopax to re-enter the South Korean cryptocurrency sector. Binance claims to maintain a dedicated team to monitor the market and report suspicious activities to relevant authorities. They have also provided training to government agencies, demonstrating their commitment to combatting crypto-related crimes and ensuring compliance.</p>



<p>In October, the National Police Agency entered into agreements with the five significant exchanges to develop a virtual asset exchange confirmation system. When investigating a specific wallet address, the authorities inform the exchange involved. Currently, 2086 investigators are utilizing the system, with plans to expand its coverage to include all 36 domestic exchanges.</p>



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<p>South Korea is actively working to strengthen its <a href="https://crypto.news/learn/beginners-guide-to-crypto-wallets/">cryptocurrency</a> oversight. The recent approval of the Kim Nam-guk&#8217;s Prevention Law requires government personnel to disclose their cryptocurrency holdings. The authorities are also leveraging blockchain analytics and increasing the workforce of the investigation departments to combat cryptocurrency-related crimes and money laundering.</p>



<p>The Financial Supervisory Service will expand its investigation departments and establish specialized teams to collect information and respond to digital investigations, demonstrating South Korea&#8217;s commitment to improving cryptocurrency regulation.</p>



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South Korea proposes real-time monitoring to freeze funds on Binance

crypto.news

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