Four major South Korean exchanges unite to fight money laundering

Four South Korean cryptocurrency exchanges have set up a hotline to fight money laundering on their platforms, the Korea Herald reported on Monday.

Bithumb, Upbit, Corbit and Coinone are said to have established a hotline where information regarding unusual trading or suspect transactions can be shared. The exchanges say they hope to fight illegal activities in real-time, being able to investigate reported transactions and, if necessary, taking measures - including blocking suspicious accounts.

"The cooperative step against money laundering via cryptocurrencies is expected to boost the soundness of the industry and to better protect consumers," one operator told the Korea Herald.