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
– Brief overview of the topic
– Importance of the issue
II. Background of Korean Cryptographic Exchange and Kakao Bank
– Explanation of the Cryptocurrency market in Korea
– Role of Kakao Bank in the market
III. Kakao Bank’s statement on due diligence and data requests
– Explanation of the Special Financial law
– Importance of conducting regular due diligence
– Effects of illegal activities on the exchange contract with Coinone
IV. Allegations of Coinone’s bribery
– Explanation of the Puriever (PURE) token
– Overview of Coinone’s alleged bribery
– Motive behind the suspected “Jiangnan murder case”

V. Kakao Bank’s anti money laundering (AML) obligations
– Importance of fulfilling AML obligations
– Role of Kakao Bank in ensuring transparent transactions
– Compliance with regulations
VI. Conclusion
– Recap of arguments
– Final thoughts
VII. FAQs
– How does Kakao Bank conduct due diligence on the Cryptocurrency exchange?
– What are the AML obligations that Kakao Bank follows?
– How does the alleged bribery of the Puriever token affect the Cryptocurrency market in Korea?
# On April 10th, Kakao Bank: An Insight into the Korean Cryptographic Exchange and Regulations
On April 10th, 2021, Kakao Bank provided a statement regarding their relationship with Coinone, the Korean Cryptographic Exchange. As per the Special Financial law, Kakao Bank stated that they were conducting regular due diligence and data requests on the Cryptographic Exchange. They also warned that if any illegal and criminal activities occur, they have the right to terminate the contract with Coinone. In this article, we will examine what this means for the Korean Cryptocurrency market and the importance of proper regulations in the field.
The Cryptocurrency market in Korea is a rapidly growing phenomenon. The popularity of Cryptocurrencies has led to the emergence of various Cryptocurrency exchanges. Coinone is one of the leading Cryptocurrency exchanges in Korea that deals with the trading of several cryptocurrencies. Kakao Bank, on the other hand, is a digital bank that provides services to customers in Korea.
Kakao Bank’s statement regarding due diligence and data requests is a significant step in ensuring transparent transactions in the Cryptocurrency market. The Special Financial law mandates such measures to prevent any illegal activities, such as money laundering or terrorist financing. Coinone’s alleged bribery of the Puriever (PURE) token, therefore, puts their Cryptocurrency exchange contract with Kakao Bank at risk.
The Puriever token is a cryptocurrency that uses blockchain technology to ensure transparency and security. However, Coinone’s alleged bribery has brought attention to the currency, and with it, suspicion of money laundering activities. The motive behind the “Jiangnan murder case” investigation is tied to this alleged bribery, further highlighting the importance of proper regulations in the Cryptocurrency market.
Kakao Bank’s anti money laundering (AML) obligations are vital in ensuring transparent transactions between Cryptocurrency exchanges and banks. AML obligations entail identifying suspicious activities and reporting them to the relevant authorities. The bank’s compliance with regulations emphasizes their commitment to transparency and accountability.
In conclusion, Kakao Bank’s statement regarding due diligence and data requests is a significant step in ensuring transparent transactions in the Cryptocurrency market in Korea. The alleged bribery of the Puriever token emphasizes the need for proper regulations to prevent illegal activities such as money laundering or terrorist financing. Compliance with AML obligations by banks such as Kakao Bank is critical in ensuring transparency and accountability.
# FAQs
Q. How does Kakao Bank conduct due diligence on the Cryptocurrency exchange?
A. Kakao Bank conducts regular due diligence and data requests on Cryptocurrency exchanges as mandated by the Special Financial law. This measure is important in ensuring transparent transactions in the Cryptocurrency market.
Q. What are the AML obligations that Kakao Bank follows?
A. Kakao Bank follows AML obligations that require banks to identify suspicious activities and report them to the relevant authorities. This measure is important in ensuring transparency and preventing illegal activities such as money laundering or terrorist financing.
Q. How does the alleged bribery of the Puriever token affect the Cryptocurrency market in Korea?
A. The alleged bribery of the Puriever token has brought suspicion of money laundering activities in the Cryptocurrency market in Korea. This highlights the importance of proper regulations to prevent illegal activities and ensure transparent transactions.