"Pity Binance, every day there are problems that arise."
The National Police Agency of South Korea will hold a meeting with Binance and five cryptocurrency exchanges based in the country, namely Upbit, Bithumb, Korbit including Gopax on May 30, 2023.
Among the purposes of the agency acting in this way is to allow the criminal investigation system, where they not only intend to monitor real-time wallet addresses but will also freeze Binance funds.
However, the move appears to have been implemented after Binance acquired a majority stake in Gopax as part of its plan to enter the South Korean crypto market earlier this year.
In addition to having its own team to monitor and report bad actors to law enforcement, Binance also provides training to government agencies to fight cryptocrime and establish a robust exchange that complies with regulators.
In October 2022, the agency that signed an agreement with five crypto exchanges to enable the virtual asset exchange verification system has expanded it to 36 domestic exchanges after 2,086 investigators have used the system so far.
South Korea recently passed the Kim Nam-guk Prevention Law requiring governments to disclose their crypto holdings while the agency also uses blockchain analytics tools to prevent crime and money laundering in digital assets.
It is well known that the Financial Supervisory Service has increased the workforce from 70 to 95 for the investigation department and established a special investigation team, an intelligence gathering task force and a digital investigation response team.
