South Korean department of Singapore-based cryptocurrency exchange Huobi has strengthened its anti-money laundering (AML) policy, the official announcement states.
Even though there are no details regarding the updated AML policy, the announcement states Huobi Korea has:
- Strengthened deposit and withdrawal processes via enhanced monitoring of abnormal transactions;
- Enhanced transparency for Huobi Korea's won-based fiat-to-crypto services;
- Taken other measures to abide by the regulation and guidelines from the Korean Financial Services Commission.
Chief Communications Officer of Huobi Korea, David Oh, says the strengthened policy is a "natural move" for the exchange and is an integral part of its plans for growth in the Korean market.
Earlier, the U.S.-based arm of Huobi announced the launch of fiat-to-crypto feature.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.