Kakao Bank: If Coinone is found to have engaged in illegal activities, the bank account provided to it will be terminated

On April 10th, Kakao Bank, which provided the Korean Won bank account to Coinone, the Korean Cryptographic Exchange, said: “According to the Special financial law, we are conducting regular due diligence and data requests on the Cryptographic Exchange. If illegal criminal acts occur, we can terminate the contract with Coinone. For the operation of the Cryptographic Exchange, Kakao Bank has faithfully fulfilled its anti money laundering (AML) obligations.” The bank’s statement is a response to Coinone’s alleged bribery of the Puriever (PURE) token, which is related to the motive behind a suspected “Jiangnan murder case”.

Kakao Bank: If Coinone is found to have engaged in illegal activities, the bank account provided to it will be terminated

I. Introduction
– Explanation of the topic
– Brief background information on Kakao Bank and Coinone
II. The importance of due diligence
– Explanation of what due diligence is
– The role of due diligence in cryptocurrency transactions
– Importance of due diligence in preventing illegal activities
III. Kakao Bank’s statement on conducting due diligence
– Explanation of the statement made by Kakao Bank
– The significance of the statement
– How it affects Coinone and the cryptocurrency market in Korea
IV. Alleged bribery of Puriever token
– Explanation of the Puriever token and its relevance to the case
– Details of the alleged bribery committed by Coinone
– The impact of the allegation on Coinone and its customers
V. Anti-money laundering obligations
– Explanation of anti-money laundering obligations
– Kakao Bank’s fulfillment of its obligations
– The implications of not fulfilling these obligations
VI. The “Jiangnan murder case”
– Explanation of the case
– How it is related to cryptocurrency trading
– The impact of the case on the cryptocurrency market in Korea
VII. Conclusion
– Recap of the main points
– The significance of the statement and the case in the cryptocurrency market in Korea
# On April 10th, Kakao Bank, which provided the Korean Won bank account to Coinone, the Korean Cryptographic Exchange, said: “According to the Special financial law, we are conducting regular due diligence and data requests on the Cryptographic Exchange. If illegal criminal acts occur, we can terminate the contract with Coinone. For the operation of the Cryptographic Exchange, Kakao Bank has faithfully fulfilled its anti money laundering (AML) obligations.” The bank’s statement is a response to Coinone’s alleged bribery of the Puriever (PURE) token, which is related to the motive behind a suspected “Jiangnan murder case”.
In the world of cryptocurrency trading, due diligence is an important practice that helps ensure that transactions are legitimate and legal. Due diligence involves performing an investigation on a person or organization to determine their reputation, financial status, and any other relevant information. This process is particularly important in cryptocurrency trading, where the anonymity of transactions can make it difficult to trace the origins of funds and may result in the illegal activities such as money laundering or financing terrorist activities.
Kakao Bank’s statement regarding the regular due diligence and data requests on the Cryptographic Exchange is important for a number of reasons. Firstly, it indicates that the bank takes its responsibilities seriously when it comes to cryptocurrency trading. Secondly, it is a response to an accusation by the Korean authorities that Coinone, the Korean Cryptographic Exchange, accepted bribes in exchange for listing a certain token, the Puriever (PURE) token. This accusation is related to the suspected “Jiangnan murder case”, which may have been motivated by the bribes paid to have the PURE token listed on Coinone’s platform.
The bribery case raises serious questions about the integrity of Coinone and whether its customers can trust it to operate honestly and ethically. This is particularly important given the lack of regulation in the cryptocurrency market in Korea, which has seen a number of scams and fraudulent activities in the past.
Kakao Bank’s statement also highlights the importance of fulfilling anti-money-laundering obligations in the cryptocurrency market. Under Korean law, cryptocurrency exchanges are required to comply with anti-money laundering and know-your-customer regulations. Failure to comply with these regulations can result in fines or even the closure of the exchange. Therefore, it is essential for cryptocurrency exchanges to take their obligations seriously and ensure that they are not facilitating illegal activities.
As for the “Jiangnan murder case”, this high-profile case has brought the cryptocurrency market in Korea into the spotlight. The case involves the murder of a businessman, and the investigation has revealed a possible connection to the cryptocurrency market. This has raised concerns about the use of cryptocurrency in illegal activities and emphasizes the need for tighter regulations and better oversight in the industry.
In conclusion, Kakao Bank’s statement regarding its due diligence and anti-money laundering obligations is a significant development in the Korean cryptocurrency market. It highlights the importance of ethical and legal practices in the industry and the role of banks in ensuring that these practices are implemented. Coinone’s alleged bribery of the Puriever (PURE) token and its connection to the “Jiangnan murder case” is a serious matter, and it raises concerns about the integrity of the cryptocurrency market in Korea. It is essential for regulators, banks, and cryptocurrency exchanges to work together to prevent illegal activities and promote transparency and accountability in the industry.

FAQs:

Q1. What is due diligence in cryptocurrency trading?
A1. Due diligence involves performing an investigation on a person or organization to determine their reputation, financial status, and any other relevant information. This process is particularly important in cryptocurrency trading, where the anonymity of transactions can make it difficult to trace the origins of funds and may result in illegal activities.
Q2. What are the anti-money laundering obligations for cryptocurrency exchanges in Korea?
A2. Under Korean law, cryptocurrency exchanges are required to comply with anti-money laundering and know-your-customer regulations. Failure to comply with these regulations can result in fines or even the closure of the exchange.
Q3. What is the “Jiangnan murder case” and how is it related to cryptocurrency trading?
A3. The “Jiangnan murder case” involves the murder of a businessman, and the investigation has revealed a possible connection to the cryptocurrency market. This has raised concerns about the use of cryptocurrency in illegal activities and emphasizes the need for tighter regulations and better oversight in the industry.