South Korea has successfully deployed an investigative solution for Bithumb

South Korea has successfully deployed an investigative solution for Bithumb

(South Korea, March 10, 2020, PRNewswire) The Blockchain analysis company – Chainalysis, has announced a partnership with the leading Korean Bithumb Cryptocurrency Exchange.
The goal and result is the successful implementation of own investigative solution for Bithumb, called Chainalysis Reactor.
The role of the Reactor is to investigate suspicious activities and create safe and reliable platforms.
This cooperation, and security enhancement is a response to last week’s vote of the South Korean National Assembly, favoring the Special Financial Transactions Information Act, effectively creating a framework for the country’s cryptocurrency industry.

Chainalysis is committed to helping our customers investigate all kinds of illicit activity, including hacks and scams, and establish long-term regulatory compliance,
As cryptocurrency use in South Korea continues to grow, new regulations such as this will make blockchain analysis solutions like Chainalysis vital for compliance. We have had a presence in the South Korean market for over three years and are continuing to invest to ensure we provide top-notch, on-the-ground support for our customers.” said Jason Bonds, Chief Revenue Officer, Chainalysis.

By partnering with Chainalysis, we felt confident that we were choosing the industry-leading investigation software and professional guidance,
We anticipate further updates following last week’s vote making it even more important for us to have support available in our local language.” said SungMi Lee, Head of Compliance, Bithumb.

  • Chainalysis Reactor is the investigation software for tracing the flow of funds across blockchains.

South Korea want be a leader in the implementation and full legalization of cryptocurrencies in the country.
We can recall the article of 5 March : Crypto is from today Fully Legal in South Korea


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