Korea Digital Trade Co., Ltd., the operator of the Flybit cryptocurrency alternate, introduced on November 19, 2021 that it had handed the rigorous examination to finish registration with the Monetary Intelligence Unit (FIU) of the Monetary Service Fee.

As a registered cryptocurrency alternate, Flybit will proceed to deal with strengthening its AML framework to scrupulously adjust to related legal guidelines.

This additionally contains finishing up buyer due diligence (hereinafter CDD). CDD is now a authorized requirement for all registered Digital Asset Service Suppliers (hereafter VASPs) engaged by the federal government.

As well as, for one of the best client safety and buyer expertise, Flybit will open and function a customer support heart.

Beneath the management of Chief Technical Officer Younger Jin Yoon, Flybit will develop and strengthen: Service Capability Administration, Downtime Administration for Itemizing / Delisting and a brand new buying and selling platform. These initiatives will allow Flybit to scrupulously adjust to the modified legal guidelines.

In September of this yr, Flybit submitted its registration utility with eight folders with over 3,000 pages consisting of the AML framework, marketing strategy, and the corporate’s enterprise guidelines and manuals.

With a purpose to decrease buyer inconvenience and to assist clients scale back funding threat, Flybit has lowered the minimal withdrawal restrict and doesn’t supply a service price for withdrawals. Flybit can also be working with a tightened itemizing coverage: its delisting coverage for watchlist cryptocurrencies is accessible to the general public.

As well as, Flybit prohibits inside commerce by staff and often updates buyer communications to higher inform and educate its clients in regards to the firm’s insurance policies and companies.

As well as, the corporate is dedicated to market transparency by way of its “Information Assist Heart”, an info hub for the varied cryptocurrencies listed on the Flybit alternate.

Observe that Flybit has the second largest capital (KRW 10.98 billion) amongst cryptocurrency exchanges in Korea. In Could 2021, Flybit acquired discover from the Nationwide Tax Service that its tax investigation could be terminated early, additional proof of Flybit’s diligence in complying with the regulation.

Quickly, Flybit will start the CDD course of because it has acquired official registration from the federal government.

Notes on CDD can be found on the Flybit web site.


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