South Korean cryptocurrency exchange Flybit obtains official registration from regulator »CryptoNinjas
Korea Digital Exchange Co., Ltd., the operator of the cryptocurrency exchange Flybit, announced on November 19, 2021 that it has passed strict review and completed its registration with the Financial Intelligence Unit (FIU) under the Financial Services Commission.
As a registered cryptocurrency exchange, Flybit will continue to focus on strengthening its anti-money laundering framework in an effort to comply with relevant regulations.
This includes performing customer due diligence (hereinafter referred to as CDD). CDD is now a mandatory legal requirement for all registered virtual asset service providers (hereinafter referred to as VASP) by the government.
In addition, for the best consumer protection and customer experience, Flybit will open and operate a customer service center.
Under the leadership of Chief Technology Officer Young Jin Yoon, Flybit will develop and strengthen: service capability management, listing/delisting shutdown management, and a new trading platform. These measures will help Flybit strive to comply with the revised legislation.
In September of this year, Flybit submitted its registration application, which contains 8 binders of more than 3,000 pages, including the company’s anti-money laundering framework, business plan, and business rules and manuals.
In order to minimize customer inconvenience and help customers reduce investment risks, Flybit has lowered the minimum withdrawal limit and does not charge withdrawal service fees. Flybit also operates with a higher listing policy: its delisting policy for watchlist cryptocurrencies is open to the public.
In addition, Flybit prohibits internal transactions among employees and frequently updates customer notifications to better inform and educate its customers about company policies and services. It is worth noting that by providing a “knowledge help center”, an information center for various cryptocurrencies listed on the Flybit coin market, Flybit is committed to contributing to market transparency.
Please note that Flybit has the second largest capital (10.98 billion won) in South Korean cryptocurrency exchanges. In May 2021, Flybit received a notice from the IRS to cancel the tax investigation in advance, which is another evidence of Flybit’s diligence and compliance with the law.
Soon, Flybit will start the CDD process after receiving the official registration from the government.
Notice about CDD can be found on Flybit website.