Huobi Korea, the South Korean part of the world’s second largest cryptocurrency exchange by trading volume, is authorized by a major regulatory body.
According to an announcement on January 18th, the Korea Internet and Security Agency (KISA) granted Huobi Korea the Information Security Management System (ISMS) certification.
The ISMS certification will provide Huobi Korea with a comprehensive management system to ensure security and compliance with the Private Payments Act, a new legislation that requires domestic cryptocurrencies to report transactions in accordance with revised Know Your Customer and Anti-Money Laundering policies.
In particular, exchanges are required to disclose the real usernames of the Korean Financial Intelligence Unit in addition to verifying their identity such as resident registration numbers. The Special Payments Act will come into effect in March 2021.
Park Se Doc, CEO of Huobi Korea, said the acquisition of ISMS will cement the company’s position as an institutional provider of crypto services. As previously reported, Huobi Korea launched official trading in March 2018.
As Huobi continues to consolidate its position in South Korea, some global cryptocurrency exchanges have faced some difficulties in maintaining their activities in the country. Binance KR, the South Korean wing of the world’s largest cryptocurrency exchange Binance, was closed due to low volume in January 2021.