South Korea’s National Police Agency is meeting Tuesday, May 30, to discuss its plans with representatives from Binance and leading local cryptocurrency exchanges – Upbit, Bithumb, Coinone, Korbit and Gopax. Law enforcement wants to be able to monitor wallet addresses in real time.
Binance, which owns a majority stake in South Korea’s Gopax cryptocurrency exchange, has already volunteered to be a major partner of the Korean authorities.
The world’s largest cryptocurrency exchange has its own team to track and report abusers to law enforcement.
In fact, Binance has trained many government agencies to combat cryptocurrency crime.
In late 2022, it was revealed that South Korean police and prosecutors quadrupled spending on crypto asset tracking tools in a year.
The increase in the cost of tracking cryptocurrencies is due to the fact that police across the country have begun to form specialized crypto-surveillance units. Units use tools to track user transactions and IP addresses.
Last year, the Financial Services Commission of South Korea (FSC) said it would monitor transactions of investors with more than 100 million won ($70,000) worth of crypto-assets.