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HomeCryptocurrencyKorean crypto trade Flybit obtains official registration from regulators » CryptoNinjas

Korean crypto trade Flybit obtains official registration from regulators » CryptoNinjas


Korea Digital Trade Co., Ltd., the operator of cryptocurrency trade Flybit, introduced on November 19, 2021, that it has handed the strict examination to finish registration with the Monetary Intelligence Unit (FIU) underneath the Monetary Service Fee.

As a registered cryptocurrency trade, Flybit will proceed to give attention to strengthening its AML framework to diligently adjust to the related laws.

That features execution of Buyer Due Diligence (hereinafter CDD). CDD is now a authorized requirement for all registered Digital Asset Service Suppliers (hereinafter VASPs), mandated by the federal government.

Moreover, for the very best shopper safety and buyer expertise, Flybit will open and function a customer support middle.

Beneath the management of Chief Technical Officer Younger Jin Yoon, Flybit will develop and strengthen: Service Capability Administration, Downtime Administration for Itemizing/Delisting, and a brand new buying and selling platform. These initiatives will serve Flybit to be diligently compliant with the amended laws.

In September of this yr, Flybit submitted its registration software with eight binders of over 3,000 pages consisting of the corporate’s AML Framework, Enterprise Plan, and Enterprise Guidelines and Manuals.

To reduce buyer inconvenience and assist clients cut back funding dangers, Flybit has lowered the minimal withdrawal restrict and affords no withdrawal service payment. Flybit additionally operates with a heightened itemizing coverage: its delisting coverage for watchlist cryptocurrencies is out there to the general public.

Moreover, Flybit prohibits worker inner buying and selling and continuously updates buyer notices to higher inform and educate its clients relating to the corporate’s insurance policies and companies. Notably, by providing ‘Data Assist Middle’, a hub of data on the assorted cryptocurrencies listed on the Flybit’s coin market, Flybit is devoted to contributing to market transparency.

Notice, Flybit has the second-largest capital (KRW10.98 billion) amongst cryptocurrency exchanges in Korea. In Might 2021, Flybit obtained the discover of early dismissal of the tax investigation from the Nationwide Tax Service, which is one more supporting proof of Flybit’s diligence in legislation observance.

Quickly, Flybit will start the CDD course of because it obtained the official registration from the federal government.

Discover relating to CDD is out there on Flybit’s web site.

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