Korea Digital Exchange Co., Ltd., the operator of cryptocurrency exchange Flybit, revealed on November 19, 2021, that it has actually passed the rigorous assessment to finish registration with the Financial Intelligence Unit (FIU) under the Financial Service Commission.
As a signed up cryptocurrency exchange, Flybit will continue to concentrate on enhancing its AML structure to vigilantly abide by the pertinent legislation.
That consists of execution of Customer Due Diligence (hereinafter CDD). CDD is now a legal requirement for all signed up Virtual Asset Service Providers (hereinafter VASPs), mandated by the federal government.
Additionally, for the very best customer security and consumer experience, Flybit will open and run a client service center.
Under the management of Chief Technical Officer Young Jin Yoon, Flybit will establish and reinforce: Service Capacity Management, Downtime Management for Listing/Delisting, and a brand-new trading platform. These efforts will serve Flybit to be vigilantly certified with the modified legislation.
In September of this year, Flybit sent its registration application with 8 binders of over 3,000 pages including the business’s AML structure, company strategy, and company guidelines and handbooks.
To decrease consumer trouble and aid consumers lower financial investment dangers, Flybit has actually reduced the minimum withdrawal limitation and uses no withdrawal service charge. Flybit likewise runs with an increased listing policy: its delisting policy for watchlist cryptocurrencies is readily available to the general public.
Furthermore, Flybit forbids staff member internal trading and regularly updates consumer notifications to much better notify and inform its consumers concerning the business’s policies and services.
Moreover, through its ‘Knowledge Help Center’ a center of info on the numerous cryptocurrencies noted on the Flybit exchange, the business is dedicated to offering market openness.
Note, Flybit has the second-largest capital (KRW10.98 billion) amongst cryptocurrency exchanges in Korea. In May 2021, Flybit got the notification of early termination of the tax examination from the National Tax Service, which is yet another supporting proof of Flybit’s diligence in law observance.
Soon, Flybit will start the CDD procedure as it got the main registration from the federal government.
Notice concerning CDD is readily available on Flybit’s website.