September 26, 2022

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Bithumb, Coinone, and Korbit Join Hands to Combat Money Laundering

<img width="300" height="169" src="https://ethereumreader.com/wp-content/uploads/2021/08/bithumb-coinone-and-korbit-join-hands-to-combat-money-laundering.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="Bithumb Coinone and Korbit Join Hands to Combat Money Laundering" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="" srcset="https://ethereumreader.com/wp-content/uploads/2021/08/bithumb-coinone-and-korbit-join-hands-to-combat-money-laundering.jpg 300w, https://coinquora.com/wp-content/uploads/2021/08/Bithumb-Coinone-and-Korbit-Join-Hands-to-Combat-Money-Laundering.jpg 730w" sizes="(max-width: 300px) 100vw, 300px" />Bithumb, Coinone, and Korbit are coming together to set up CODE (COnnect Digital Exchanges). The corporation will help them align

Bithumb Coinone and Korbit Join Hands to Combat Money Laundering

  • Bithumb, Coinone, and Korbit are coming together to set up CODE (COnnect Digital Exchanges).
  • The corporation will help them align systems better with the Travel Rule, an anti-money laundering standard.
  • The Travel Rule will be applied when transferring cryptocurrency worth 1 million won or more, starting from March 25, 2022.

Leading global cryptocurrency exchanges Bithumb, Coinone, and Korbit announced today that they are coming together for a joint venture, CODE (COnnect Digital Exchanges).

As per reports, the three companies will work together to build a ‘travel rule’ system. For this, they will have a total investment of 900 million won between them. The new-established corporation will help them abide by the Travel Rule, an anti-money laundering rule established in 2019. Moreover, each exchange will own one-third equal shares and voting rights.

Initially, the CEO will be Cha Myung-hoon, who is CEO of Coinone right now. Later, the representative directors appointed by the three companies will take turns to serve as CEO every …

Source: coinquora.com