Huobi Korea, the South Korean branch of the world’s sixth largest crypto exchange, has introduced stricter anti-money laundering (AML) protections, the company announced in a press release on February 21.
The decision to implement changes to its AML protections came after a thorough review of its deposit and withdrawal processes and fiat-to-crypto oversight. According to the press release, Huobi will closely monitor any transactions that might seem suspicious and regularly update its fraud detection system algorithms.
An inter-exchange hotline will also be launched as part of the security effort, the exchange revealed, as it will help prevent identity theft, voice phishing and other types of fraud.
Huobi’s effort to increase security comes after the Korean Financial Services Commission (FSC) introduced new regulations and guidelines earlier this year.