South Korea based cryptocurrency exchange, Bithumb has signed a new deal with an American Fintech firm, SeriesOne. According to a local news source, the purpose of the new union is to establish an exchange that is dedicated to trading security tokens.
The unceasing growth in crypto trading has given rise to many illegal activities like money laundering and high profile hacking of top crypto exchanges around the world. The Chairman of Financial Services Commission South Korea has, yesterday, clarified in a statement that with the support of banking sector the crypto exchanges will never face such issues. Here, it is pertinent to mention that South Korean banks used to open virtual currency accounts that were banned by the financial regulators back in January by introducing strict anti-money laundering rules for crypto exchanges and banks.