Bithumb, Coinone, and Korbit are coming together to set up CODE (COnnect Digital Exchanges). The corporation will help them align

Bithumb, Coinone, and Korbit Join Hands to Combat Money Laundering

  • Bithumb, Coinone, and Korbit are coming together to set up CODE (COnnect Digital Exchanges).
  • The corporation will help them align systems better with the Travel Rule, an anti-money laundering standard.
  • The Travel Rule will be applied when transferring cryptocurrency worth 1 million won or more, starting from March 25, 2022.

Leading global cryptocurrency exchanges Bithumb, Coinone, and Korbit announced today that they are coming together for a joint venture, CODE (COnnect Digital Exchanges).

As per reports, the three companies will work together to build a ‘travel rule’ system. For this, they will have a total investment of 900 million won between them. The new-established corporation will help them abide by the Travel Rule, an anti-money laundering rule established in 2019. Moreover, each exchange will own one-third equal shares and voting rights.

Initially, the CEO will be Cha Myung-hoon, who is CEO of Coinone right now. Later, the representative directors appointed by the three companies will take turns to serve as CEO every ...