Kakao Bank: If Coinone is found to have engaged in illegal activities, the bank account provided to it will be terminated

On April 10th, Kakao Bank, which provided the Korean Won bank account to Coinone, the Korean Cryptographic Exchange, said: “According to the Special financial law, we are conducting regular due diligence and data requests on the Cryptographic Exchange. If illegal criminal acts occur, we can terminate the contract with Coinone. For the operation of the Cryptographic Exchange, Kakao Bank has faithfully fulfilled its anti money laundering (AML) obligations.” The bank’s statement is a response to Coinone’s alleged bribery of the Puriever (PURE) token, which is related to the motive behind a suspected “Jiangnan murder case”.

Kakao Bank: If Coinone is found to have engaged in illegal activities, the bank account provided to it will be terminated

I. Introduction
A. Background information about Kakao Bank
B. Brief overview of the aforementioned statement
II. The Cryptographic Exchange Industry in Korea
A. Growth and popularity of the industry
B. Importance of regulation and compliance
III. Special Financial Law
A. Definition and scope of the law
B. Importance of the law in the Cryptographic Exchange industry
IV. Regular Due Diligence and Data Requests
A. Explanation of what due diligence and data requests entail
B. Importance of regular checks
V. Anti-Money Laundering (AML) Obligations
A. Explanation of AML
B. Importance of fulfilling AML obligations
VI. Coinone’s Alleged Bribery
A. Explanation of the case
B. Kakao Bank’s response
VII. The Motive behind the Jiangnan Murder Case
A. Brief explanation of the case
B. Connection to the Coinone bribery
VIII. Conclusion
A. Recap of the points discussed
B. Final thoughts on the statement made by Kakao Bank
# On April 10th, Kakao Bank, which provided the Korean Won bank account to Coinone, the Korean Cryptographic Exchange, said: “According to the Special financial law, we are conducting regular due diligence and data requests on the Cryptographic Exchange. If illegal criminal acts occur, we can terminate the contract with Coinone. For the operation of the Cryptographic Exchange, Kakao Bank has faithfully fulfilled its anti money laundering (AML) obligations.” The bank’s statement is a response to Coinone’s alleged bribery of the Puriever (PURE) token, which is related to the motive behind a suspected “Jiangnan murder case”.
Cryptographic exchanges have rapidly grown in popularity in Korea with more individuals opting to invest in digital currencies. The Korean government has taken steps to regulate the industry due to its vulnerabilities to fraudulent activities, and this has led to the formulation of policies that the industry players must comply with. One such policy is the Special Financial Law, which is aimed at curbing illegal activities in the Cryptographic Exchange sector.
According to the statement made by Kakao Bank on April 10th, they are carrying out regular due diligence and data requests on the Cryptographic Exchange in compliance with the Special Financial Law. Kakao Bank warns that if Coinone engages in any illegal criminal activities, the bank can terminate the contract with Coinone. This statement is a clear indication of the importance of regulation and compliance with the law in the Cryptographic Exchange industry.
The Special Financial Law is a policy formulated to regulate the Cryptographic Exchange industry in Korea. The law is aimed at providing guidelines for the policies and protocols that Cryptographic Exchange companies must follow to operate legally. It covers areas such as money laundering, explosive growth, and the prevention of fraudulent activities.
Kakao Bank’s decision to carry out regular due diligence and data requests on the Cryptographic Exchange is in line with the law. The move ensures that Coinone is compliant with the policies laid out in the law. Regular checks are necessary to ensure that no fraudulent activities take place in the industry.
Anti-Money Laundering (AML) is a set of procedures, laws, and regulations that enable financial institutions to prevent the occurrence of illegal activities with the use of their services. Fulfilling AML obligations is essential for financial institutions like Cryptographic Exchanges. Kakao Bank has faithfully fulfilled its AML obligations in the operation of the Cryptographic Exchange, ensuring the safety of the customers’ funds.
Coinone’s alleged bribery of the Puriever (PURE) token has been linked to the motive behind a suspected “Jiangnan murder case.” This situation highlights the need for Cryptographic Exchanges to comply with the law and avoid engaging in fraudulent activities.
In conclusion, Kakao Bank’s statement about regular due diligence and data requests is an indication of the importance of adhering to the law in the Cryptographic Exchange industry. Regular checks and fulfilling AML obligations are necessary to ensure the safety of the customers’ funds. The alleged bribery by Coinone underscores the importance of following the law and avoiding fraudulent activities in the Cryptographic Exchange industry.

FAQs

Q1. What is the Special Financial Law?
A1. It is a policy formulated to regulate the Cryptographic Exchange industry in Korea. The law is aimed at providing guidelines for the policies and protocols that Cryptographic Exchange companies must follow to operate legally.
Q2. What is Anti-Money Laundering (AML)?
A2. It is a set of procedures, laws, and regulations that enable financial institutions to prevent the occurrence of illegal activities with the use of their services.
Q3. Why is regular due diligence and data requests necessary in the Cryptographic Exchange industry?
A3. Regular checks are necessary to ensure that no fraudulent activities take place in the industry, and to ensure that the companies are compliant with the policies and protocols laid out in the law.