One of South Korea’s best crypto exchanges like a participant has started a joint initiative to reinforce their AML struggles.

As per the joint press release, Bithumb, Upbit, Corbit, and Coinone stated that they have recognized a combined AML inventiveness. The plan comprises a hotline between the four entities that share real-time information on doubted or established interchange happenings. They contain cases related to unregistered security offerings, exploitative lending, and voice phishing.

An excerpt from the press release read:

“The joint AML initiative is expected to produce significant results as all four exchanges currently employ effectual user protection and fraud detection practices,”

“In addition, the exchanges have experience operating bank-authenticated virtual accounts, resulting in strong relationships with traditional financial institutions,” the exchanges added.

The crypto exchanges will also start up a common list of doubtful cryptocurrency wallet addresses. It will help the corporations to notify the delivery of huge amounts from multiple trading platforms to a single wallet. A shared database, as per the companies, will stop such happenings. This measure trails hot on the heels of a move by the Korea Blockchain Association to self-regulate. There is a type of policy along with an agenda for self-regulation that will aid the crypto industry remain strong and striking to investors. After all, the maximum of the currency that flows into cryptocurrency comes from honest investors. However, a few bad apples are all it takes to scare off more investors. Earlier this year, the developers of first Bitcoin automated teller machine (ATM) and the creators of South Korea’s crypto exchanges, were arrested by local authorities on criminal charges, including criminal conspiracy, cheating, and forgery. In April 2018, fourteen South Korean crypto exchanges, including Bithumb, OKCoin, and Upbit, issued a set of self-regulatory guidelines. One of the major highpoints of these guidelines was the willingness of members to monitor and report doubtful transactions.

To safeguard that the trading atmosphere is protected for all, the exchanges will have to give to a shared database where doubtful wallet addresses are listed. This shared folder will play a significant role is assisting exchanges to organize their replies to fraud.