Bithumb Enhances Fraud Monitoring System to Comply with Upcoming Regulations
CryptoNewsTerminal Staff07 Jun, 2024
Bithumb Enhances Fraud Monitoring System to Comply with Upcoming Regulations
Bithumb, one of the leading cryptocurrency exchanges in South Korea, has completed the construction of its enhanced fraud monitoring system in May. This move is part of the exchange's efforts to comply with the upcoming User Protection Act, which will go into effect on July 19th. The new fraud monitoring system includes a dedicated team of surveillance personnel who will monitor the system round-the-clock. Bithumb claims to be the first domestic coin exchange to complete the construction of a transaction data accumulation database, which is a key requirement of the User Protection Act. This move by Bithumb demonstrates the exchange's commitment to implementing a robust fraud monitoring system that meets the requirements of financial authorities. The exchange has taken all necessary steps to ensure that it is in compliance with the new regulations, which will help to protect users from fraud and other financial crimes.
