Speeding Up Management... Which 20 Cryptocurrency Exchanges Have Government Security Certification?

Warning of Possible Rejection During the Review Process

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyunjung] It has been identified that a total of 20 domestic cryptocurrency exchanges have received the government’s security certification (ISMS), including exchanges operating real-name verified deposit and withdrawal accounts such as Upbit, Bithumb, Korbit, and Coinone. This accounts for about one-third of the total number of trading operators (around 60).

On the afternoon of the 28th, the government held a vice ministerial meeting of related ministries at the Government Complex Seoul, chaired by Koo Yoon-cheol, Minister for Government Policy Coordination, and announced the ‘Virtual Asset Transaction Management Plan,’ revealing this information.

The Financial Services Commission has identified about 60 trading operators so far, none of which have filed reports with the Financial Intelligence Unit, but 20 companies have obtained ISMS certification.

Among the certified exchanges, those operating real-name verified deposit and withdrawal accounts are ▲ Dunamu Inc. (Upbit) ▲ Bithumb Korea Co., Ltd. (Bithumb) ▲ Korbit Co., Ltd. (Korbit) ▲ Coinone Corp. (Coinone), totaling four. Other ISMS-certified companies include ▲ Newlink Co., Ltd. (Cashierest) ▲ Banko Co., Ltd. (Borabit) ▲ Streamy Co., Ltd. (Gopax) ▲ Apro Korea Co., Ltd. (Aprobit) ▲ Exia Soft Co., Ltd. (Coinbit) ▲ Oceans Co., Ltd. (Probit) ▲ International Bit Exchange Co., Ltd. (iBitEX) ▲ Childly Co., Ltd. (Bidulgi Wallet) ▲ Coredax Co., Ltd. (Coredax, ISMS-P) ▲ Coenco Korea Co., Ltd. (Coinncoin) ▲ Ten and Ten Co., Ltd. (Ten and Ten) ▲ Foblegate Co., Ltd. (Foblegate) ▲ Plutos DS Co., Ltd. (Hanbitco) ▲ Peertech Co., Ltd. (Gidac) ▲ Korea Digital Exchange Co., Ltd. (Flybit) ▲ Huobi Korea Co., Ltd. (Huobi Korea), totaling 16 companies.

However, the government emphasized that even if ISMS certification has been obtained and real-name verified deposit and withdrawal accounts have already been opened, there is a possibility that the report may be rejected during the Financial Intelligence Unit’s review process.

For example, if the corporation, representative, or executive has been sentenced to a fine or higher under the Act on Reporting and Using Specified Financial Transaction Information, the Act on the Regulation and Punishment of Criminal Proceeds Concealment, the Act on the Prevention of Terrorist Financing, or related financial laws (refer to Article 10-12, Paragraph 3 of the Enforcement Decree of the Act on Reporting and Using Specified Financial Transaction Information), and five years have not passed since the execution ended or was exempted, the report may be rejected.

Additionally, even for trading operators who currently have real-name verified deposit and withdrawal accounts opened, they must undergo evaluation by banks for reporting, and if they fail to obtain a real-name verified deposit and withdrawal account confirmation letter from the bank, the report may be rejected, the government warned.