Cryptocurrency derivative trading platform Deepcoin has announced that it has become the seventh overseas cryptocurrency exchange to obtain CODE compliance admission to comply with South Korea’s Cryptocurrency Travel Rule regulations. Deepcoin has completed its integration with the CODE compliance solution in South Korea. This partnership highlights Deepcoin’s long-term commitment to raising compliance standards in the cryptocurrency field and strengthening its security infrastructure.
Deepcoin aims to provide a secure, transparent, stable, ultimate, and innovative trading environment for its extensive user base across different countries and regions worldwide. With the integration of the CODE solution, Deepcoin will be able to facilitate deposits and withdrawals with major South Korean exchanges, including Bithumb, Korbit, and Coinone, promoting seamless information sharing among Virtual Asset Service Providers (VASPs). This collaboration ensures transparency in virtual asset transactions by sharing sender and receiver information during the transfer process between VASPs, as per the guidelines of the Financial Action Task Force (FATF).
By joining the CODE VASP Alliance, Deepcoin solidifies its position as a trusted global cryptocurrency exchange, particularly in the Asian market, especially in South Korea, known for its strong blockchain and cryptocurrency community. This milestone signifies Deepcoin’s commitment to improving security, compliance, and user experience while expanding into the Asian market.
Connect Digital Exchanges (CODE) is a regulatory compliance solution adopted by three major South Korean cryptocurrency exchanges (Bithumb, Coinone, Korbit) to comply with the Travel Rule. The Travel Rule, defined by the Financial Action Task Force (FATF), aims to enhance the traceability of fund transfers by requiring financial institutions to share certain information in specific digital transfers. This rule also applies to the movement of virtual assets between Virtual Asset Service Providers, including cryptocurrency exchanges.
According to the revised Special Financial Transaction Information Act in March 2021, all cryptocurrency exchanges in South Korea are required to implement the Travel Rule solution to comply with regulations. This regulation establishes global standards for VASPs to combat money laundering and terrorist financing, requiring exchanges to disclose cryptocurrency transactions involving 1 million Korean won (approximately $806.68) or more and collect sender and receiver information, including names and wallet addresses.
Deepcoin’s Founder and CEO, Ego, stated, “Deepcoin appreciates the close support of its users and community. As a leading global cryptocurrency exchange, Deepcoin will spare no effort to build a safer and more compliant cryptocurrency ecosystem to adapt to the continuously evolving industry and stricter regulatory environment. Following Deepcoin Labs’ approval of the Dubai DMCC license in September 2023, the integration of the CODE compliance solution in South Korea marks a new breakthrough in Deepcoin’s compliance landscape. Deepcoin will provide users with a more secure, compliant, and transparent trading environment, fulfill its anti-money laundering obligations, and promote innovative development in the cryptocurrency industry.”
About Deepcoin:
Deepcoin is a cryptocurrency derivative trading platform founded in Singapore in November 2018. It has established operational centers in Japan, South Korea, Canada, Brazil, Russia, Africa, and other countries and regions. Deepcoin possesses an independent cryptocurrency asset trading system, advanced matching engine, and robust asset security technology. With over five years of stable operation, Deepcoin has been deeply involved in cryptocurrency derivative trading, providing professional, secure, and top-notch services with innovative product features and diversified trading experiences for global digital currency traders.
Official Website:
https://www.deepcoin.com
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https://twitter.com/deepcoin_news
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