Cryptocurrency derivative trading platform Deepcoin has announced that it has become the seventh overseas cryptocurrency exchange to obtain CODE compliance access, in order to comply with South Korean cryptocurrency Travel Rule regulations. Deepcoin has integrated with the CODE compliance solution in Korea. This partnership highlights Deepcoin’s long-term commitment to improving compliance standards in the cryptocurrency field and strengthening its security infrastructure.
Deepcoin aims to provide a secure, transparent, stable, ultimate, and innovative trading environment. With a wide range of users spanning different countries and regions globally, Deepcoin has grown into a trusted and efficient cryptocurrency trading platform, serving over 10 million users worldwide. The integration with the CODE solution aligns with Deepcoin’s mission to ensure a secure, transparent, stable, ultimate, and innovative trading environment for its growing community of traders.
Through the integration with the CODE solution, Deepcoin will be able to facilitate deposits and withdrawals with major Korean exchanges, including Bithumb, Korbit, and Coinone, promoting seamless information sharing among Virtual Asset Service Providers (VASPs). This collaboration ensures transparency in virtual asset transactions by sharing sender and receiver information during the transfer process, as outlined in the Financial Action Task Force (FATF) guidelines.
Deepcoin is committed to embracing regulation and fulfilling its commitment to user safety and asset transparency. According to CODE’s official website, there are currently six overseas exchanges, including OKX and Bybit, that have joined the CODE VASP Alliance. Deepcoin’s approval as the seventh exchange to connect to the CODE compliance solution is significant. It aims to improve compliance standards and enhance security measures while cultivating a more compliant and responsible ecosystem for cryptocurrency trading. The implementation of these features demonstrates Deepcoin’s proactive approach towards evolving regulatory and stricter supervisory environments, highlighting its steadfast commitment to user safety and asset transparency.
According to data compiled by CCData, in November 2023, the South Korean won surpassed the US dollar for the first time, becoming the largest fiat currency trading pair in cryptocurrencies. South Korea has long been known for its strong blockchain and cryptocurrency community. Becoming a member of the CODE VASP Alliance in Korea marks an important milestone in Deepcoin’s journey to solidify its position as a trusted global cryptocurrency exchange, demonstrating its determination to enhance security, compliance, and improve user experience while expanding into the Asian market, particularly in Korea.
Connect Digital Exchanges (CODE) is a travel rule compliance solution adopted by three major South Korean cryptocurrency exchanges (Bithumb, Coinone, Korbit). The Travel Rule, defined by the Financial Action Task Force (FATF), is a regulation aimed at strengthening the traceability of fund transfers. It requires financial institutions to share certain information with each other in specific digital transfers. This rule also applies to the movement of virtual assets between Virtual Asset Service Providers, including cryptocurrency exchanges.
Under the amended Special Financial Transaction Information Act in March 2021, all cryptocurrency exchanges in South Korea are required to implement the Travel Rule solution to comply with regulations. This regulation establishes global standards for VASPs to combat money laundering and terrorist financing, requiring exchanges to disclose cryptocurrency transactions involving 1 million Korean won (approximately $806.68) and above, and collect information on the sender and receiver, including names and wallet addresses.
Ego, Founder and CEO of Deepcoin, stated, “Deepcoin appreciates the close support of its users and community. As a leading global cryptocurrency exchange, Deepcoin will spare no effort in building a safer and more compliant cryptocurrency ecosystem to adapt to the evolving industry and stricter regulatory environment. Following the approval of Deepcoin Labs in September 2023 to obtain the Dubai DMCC license, the integration with the CODE compliance solution in Korea represents a new breakthrough in Deepcoin’s compliance territory. Deepcoin will provide users with a more secure, compliant, and transparent trading environment, fulfill its anti-money laundering obligations, and promote innovative development in the cryptocurrency industry.”
About Deepcoin:
Deepcoin is a cryptocurrency derivative trading platform founded in Singapore in November 2018. It has established comprehensive operation centers in countries and regions such as Japan, Korea, Canada, Brazil, Russia, and Africa. Deepcoin possesses an independent cryptocurrency asset trading system, advanced matching engines, and robust asset security technology. Since its establishment, Deepcoin has operated stably for over 5 years, focusing on cryptocurrency derivative trading and providing professional, secure, and top-notch services with innovative product features and diversified trading experiences for global digital currency traders.
Official Website:
https://www.deepcoin.com
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https://twitter.com/deepcoin_news
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