In The Daily this Monday, we feature several developments cryptocurrency traders may want to know more about. The Korean subsidiary of global digital asset exchange Huobi is enhancing its anti-money laundering measures and a new over-the-counter trading desk will offer services to crypto investors. Also, Liquid and Simplex are now working together to provide customers with the option to buy cryptocurrencies using bank cards.
Huobi Korea Enhances AML Procedures
The South Korean subsidiary of Singapore-based crypto exchange Huobi announced it’s in the process of enhancing its anti-money laundering (AML) procedures. The platform detailed in a press release that it will also strengthen its protections against identity theft, voice phishing and other forms of abuse. David Oh, Huobi Korea’s chief communications officer commented:
Though we’re relatively new in the Korean market, safety, security, and compliance have long been major priorities for Huobi as a whole. For that reason, this is a natural move for us and is an integral part of our plans for growth in the Korean market.
The Korean branch of the fifth largest digital asset trading platform by daily volume revealed other recently implemented security measures. The exchange has strengthened deposit and withdrawal processes via improved monitoring of “abnormal transactions,” introduced more transparency for Huobi Korea’s won-based fiat-to-crypto services, and taken other steps to comply with the regulations and guidelines issued by the Korean Financial Services Commission.
Huobi Korea also said it intends to continuously update its fraud detection system algorithms that monitor transactions. The subsidiary will also establish a hotline with other cryptocurrency trading platforms in order to improve the prevention of criminal activities.
New OTC Trading Desk Launched
Spot trading crypto exchange Coinall has launched an over-the-counter (OTC) trading desk for digital assets. The platform starts operations with support for crypto trades with the Vietnamese dong (VND) but it plans to soon introduce other fiat currencies such as the British pound (GBP), the Thai baht (THB) and the Russian ruble (RUB).
According to Katherine Deng, general manager of Coinall, safety and speed will be the highlights of the new trading desk. “Coinall will verify merchants and secure your trades with 24 hours round the clock customer service, leaving no effort to guarantee the trading safety,” she promised. Fast trades will be facilitated by an AI technology based matching system that will instantly complete orders.
Coinall’s announcement comes after several large crypto exchanges launched OTC desks in recent months. The over-the-counter trading services allow investors to purchase cryptocurrencies more easily and take advantage of higher quality services.
Liquid Partners With Simplex for Bank Card Deposits
Liquid, a digital asset platform operating on the global market, announced a partnership with Simplex, a crypto company specializing in online payment processing solutions. The deal aims to provide Liquid’s customers with deposit services in fiat currency using credit and debit cards. The service will allow them to make deposits in euro (EUR) with Visa or Mastercard bank cards.
Clients will be able to spend the funds to purchase major cryptocurrencies such as bitcoin core (BTC) and ethereum (ETH) or use the fiat money as a funding currency for margin trading on the platform. Liquid said it plans to add support for funding with U.S. dollars (USD) and other major currencies in the future.
“By offering secure credit and debit card processing for crypto purchases, adoption will continue to rise, expanding the cryptocurrency space as we know it,” commented Simplex CEO Nimrod Lehavi. The executive added that the partnership with Liquid will enable thousands of users around the world to buy digital coins through the Liquid platform in a simple, fast and secure manner.
What are your thoughts on today’s news tidbits? Tell us in the comments section.
Images courtesy of Shutterstock.
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