Huobi Korea Strengthens Anti-Money Laundering Protections

SEOUL, South Korea, Feb. 21, 2019 /PRNewswire/ -- In the interest of preventing fraud and abuse, complying with South Korea's regulations, and protecting financial markets as well as its users, Huobi Korea is strengthening its protections against money laundering, identity theft, voice phishing, and other forms of abuse.

"Though we're relatively new in the Korean market, safety, security, and compliance have long been major priorities for Huobi as a whole," said David Oh, Chief Communications Officer of Huobi Korea, which launched in 2018. "For that reason, this is a natural move for us and is an integral part of our plans for growth in the Korean market."

Among other recently-enacted security enhancement measures, Huobi Korea has:

• Strengthened deposit and withdrawal processes via enhanced monitoring of abnormal transactions
• Enhanced transparency for Huobi Korea's won-based fiat-to-crypto services
• Taken other measures to abide by the regulation and guidelines from the Korean Financial Services Commission

In addition, Huobi Korea plans to:

• Continuously update its FDS (Fraud Detection System) algorithms based on a monitoring list of abnormal transactions
• Establish a hotline between Huobi Korea and other exchanges aimed at preventing criminal activity

"We are always trying to make sure that Huobi Korea's customers can trade safely," said Oh. "Our mission is to create an environment where all customers can safely trade, and we plan to actively support our clients in preventing damage caused by accidents such as voice phishing and identity theft."

About Huobi Group: Consisting of ten upstream and downstream enterprises, Huobi Group is the world's leading blockchain company. Established in 2013, Huobi Group's accumulative turnover exceeds US $1 trillion. It proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 130+ countries. Find us at www.hbg.com

About Huobi Korea: Established in 2018, Huobi Korea is an extension of Huobi Group, one of the world's leading blockchain company. Huobi Korea is dedicated to provide reliable and secure services as an exchange, with plans to develop a more comprehensive blockchain ecosystem, including a blockchain research institute, portal businesses and financial services. For more info, visit www.huobi.co.kr 

For enquiries please contact: Jiayi Li, +65-92295769, [email protected]

SOURCE Huobi Korea