South Korean National Police Agency Collaborates with Binance and Top Exchanges for Real-Time Surveillance and Asset Freezing
The National Police Agency of South Korea is developing a technology that enables real-time monitoring of wallet addresses and the ability to freeze funds. In light of South Korea‘s position as the world’s second-largest cryptocurrency market, the government closely monitors the industry. Consequently, the National Police Agency plans to meet with Binance and the top five cryptocurrency exchanges in South Korea, namely Upbit, Bithumb, Coinone, Korbit, and Gopax, to discuss these initiatives.
The primary objective of the agency is to establish a criminal investigative system capable of monitoring wallet addresses in real-time and submitting requests to freeze funds associated with suspicious activities. This effort comes after Binance’s recent re-entry into the South Korean crypto market through the acquisition of a controlling share in Gopax. Binance, being the largest cryptocurrency exchange globally, maintains a dedicated team that monitors and reports any suspicious behavior to the authorities.
Moreover, Binance has actively trained government agencies to enhance their ability to combat cryptocurrency-related crimes and operates in full compliance with regulations. In October, the National Police Agency entered into commercial agreements with the five largest cryptocurrency exchanges to facilitate a confirmation mechanism for virtual asset trading.
As part of this collaboration, when law enforcement agencies investigate a wallet address on one of the five major exchanges, they will inform the exchange about their involvement in managing the specific wallet address.
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