TAIPEI, Aug. 25, 2023 /PRNewswire/ — LBank is pleased to announce its membership in the prestigious Korean CODE VASP Alliance, a testament to its unwavering commitment to regulatory compliance and user-centric services. This alliance underscores LBank’s dedication to offering a seamless user experience while adhering to global regulatory standards.

As a proud member of the Korean CODE VASP Alliance, LBank now facilitates convenient deposits and withdrawals to and from major South Korean exchanges, including Bithumb, Korbit, and Coinone. This strategic move highlights LBank’s commitment to regulatory compliance and its continuous efforts to enhance user experiences.

In a significant development, Bithumb, one of South Korea’s largest cryptocurrency exchange platforms, officially opened a whitelist with LBank on August 22. This collaboration enables all Korean users to transfer funds seamlessly between the two platforms without any restrictions. Bithumb, in accordance with Korean regulatory requirements, restricts its users from transferring funds to any organization or individual address outside of the whitelist.

Following rigorous compliance with local regulatory requirements, LBank is now officially a part of the Bithumb whitelist and a member of the Korean local CODE VASP compliance alliance. It’s worth noting that LBank has already established whitelists with Coinone and Korbit, effectively connecting with three of the top five exchange platforms in South Korea.

The Korean CODE VASP Alliance represents a groundbreaking collaboration between three major crypto exchanges in South Korea: Bithumb, Coinone, and Korbit. Together, they have jointly adopted the CODE Travel Rule solution, recommended by the Financial Action Task Force (FATF). This solution aids authorities in tracking the movement of virtual assets between Virtual Asset Service Providers (VASPs) such as cryptocurrency exchanges and digital asset issuers.

All cryptocurrency exchanges in South Korea are mandated to implement Travel Rule solutions in compliance with the Special Financial Transaction Information Act revised in March 2021. This regulation establishes a global standard 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.

LBank extends its sincere gratitude to its users and the cryptocurrency community for their continued support as the platform strives to create a more secure and compliant cryptocurrency ecosystem.

About LBank

LBank is a globally recognized cryptocurrency trading platform, providing a secure and efficient exchange environment to traders worldwide. With a mission to bridge the world’s financial markets through blockchain technology, LBank offers a wide range of digital assets for trading, a user-friendly interface, and advanced trading features. LBank is dedicated to delivering a seamless and secure trading experience for both novice and experienced traders.

About the Korean CODE VASP Alliance

The Korean CODE VASP Alliance is a consortium of leading cryptocurrency exchanges in South Korea, committed to fostering compliance and regulatory adherence within the digital asset space. It promotes the adoption of the Travel Rule solution, CODE, to ensure transparency and traceability in cryptocurrency transactions, in line with global AML and CTF standards. The alliance aims to create a safer and more secure cryptocurrency environment for users and industry stakeholders.