Huobi Korea is the South Korean branch of the world’s second-largest crypto exchange following trading volume. Now, it has received the necessary certification from a major regulator.
KISA (Korea Internet and Security Agency) offered today, the 18th of January, the ISMS certification (Information Security Management System) to Huobi Korea.
This certification will offer Huobi Korea the broad management system that is necessary to certify that the company is compliant with the Special Payment Act. This legislation asks local crypto businesses to report any transaction and follow the amended Know Your Customer and Anti-Money Laundering policies put in place.
All exchanges have the duty of reporting the real names of the users on their platform to the Korean Financial Intelligence Unit. They also have the responsibility of verifying them against personal info and data, e.g., the resident registration number. This Special Payment Act will be enacted in March of this year.
The CEO of Huobi Korea, Park Si-deok, commented that following the ISMS permission, the company would grow even bigger on the market of institutional-level crypto services. The company started trading officially in March of 2018.
While all is good for Huobi, which continues to grow its power in South Korea, other global crypto exchanges weren’t as lucky. Binance KR, for example, which was the South Korean wing of Binance, had to close operations this month as a result of low trading volumes.