Seoul, South Korea – (COMMERCIAL THREAD) – KoreaDigitalExchange Co., Ltd, a Cryptocurrency Exchange Flybit operator, announced on November 19, 2021 that it has passed the strict exam to complete registration with the Financial Intelligence Unit (FIU) of the Financial Service Commission .
Flybit has been one of the leading compliant cryptocurrency exchanges without any financial crashes or information leaks since the company was founded in 2017. Flybit’s commitment to a strong culture of risk management, a client-centered strategy and transparent management resulted in its successful registration with the government. .
As a registered cryptocurrency exchange, Flybit will continue to focus on strengthening its AML framework to diligently comply with related legislation. This includes the performance of customer due diligence (hereinafter CDD). CDD is now a legal requirement for all registered virtual asset service providers (hereafter VASP), mandated by the government.
Additionally, in its efforts to redefine the role and responsibilities of Cryptocurrency Exchange to promote better consumer protection, Flybit plans to engage in socially responsible business practices. Flybit is also committed to providing innovative financial services by analyzing market demands while complying with the amended “Decree of Enforcement of the Law on the Declaration and Use of Certain Financial Transaction Information”, which now requires legal obligations to cryptocurrency exchanges and all VASPs.
For the best consumer protection and the best customer experience, Flybit will open and operate a customer service center. Under the leadership of CTO Young Jin Yoon, Flybit will develop and strengthen: service capacity management, listing / delisting downtime management and a new trading platform. These initiatives will enable Flybit to diligently comply with the amended legislation.
Previously, in September of this year, Flybit submitted its registration application with eight binders valued at over 3,000 pages including the AML framework, business plan, and company business rules and manuals.
To minimize customer inconvenience and help customers reduce investment risk, Flybit has lowered the minimum withdrawal limit and does not offer any withdrawal service fees. Flybit also operates with a reinforced referral policy: its policy of deleting cryptocurrencies from the watch list is accessible to the public. Additionally, Flybit prohibits internal employee commerce and frequently updates customer reviews to better inform and educate its customers regarding company policies and services. In particular, by offering a “Knowledge Help Center”, an information center on the various crypto-currencies listed on the Flybit coin market, Flybit is committed to contributing to market transparency.
Flybit has the second largest capital (KRW 10.98 billion) among cryptocurrency exchanges in Korea and is solidly backed by a strong financial structure. In May 2021, Flybit received the notice of early rejection of the National Tax Service’s tax investigation, which is further evidence to support Flybit’s diligence in complying with the law.
To operate proactively in rapidly changing market environments, Flybit will maximize trading transparency while doing its best to provide a secure and reliable trading experience for clients. Flybit is also committed to taking its already strong risk management culture to the next level by improving its AML program and internal control and risk management system. It is in the process of preparing a partnership agreement with a financial institution for a real name account so that it can serve Korean won exchanges soon in the near future.
Flybit will begin the CDD process soon as it has received official government registration. The CDD notice is available on the Flybit website (https://flybit.com).