One of the leading Korean cryptocurrency exchanges, Upbit, has rewarded six users who reported fishy crypto-related initiatives to the company. As part of the company’s initiative to improve the general trust towards cryptocurrencies, the company had shortlisted ten different cases, out of which six were awarded the cash prize. Launched in March 2018, the program had been initiated to prevent wrongdoers from exploiting the loopholes in the cryptosystems related with Korea. The cash prize totaled 1 million Korean Won.
The company has also rolled out plans to launch a more advanced KYC (Know Your Customer) database system called World-Check in partnership with the global media giant Thomas Reuters. With the system, it is expected that the company will be able to help provide customers and lawmakers with more accurate risk intelligence tools, as well as prevent the system from being exploited for money laundering purpose by criminals.
Through the World-Check database, the company plans to check high-risk profiles involved in unlawful activities and prevent any transactions immediately. The initiative is also being designed to inform money laundering and terror financing transactions to law-enforcement agencies. In recent months, the South Korean government has ordered exchanges to enable their systems to be better monitored and prevent illegal transactions, nationally and internationally. In March, the government banned its officials to own or use cryptocurrency with concerns about the currency being used for corruption.