Korea Digital Exchange Co., Ltd., the operator of cryptocurrency exchange Flybit, announced on November 19, 2021, that it has passed the strict examination to complete registration with the Financial Intelligence Unit (FIU) under the Financial Service Commission.
As a registered cryptocurrency exchange, Flybit will continue to focus on strengthening its AML framework to diligently comply with the relevant legislation.
That includes execution of Customer Due Diligence (hereinafter CDD). CDD is now a legal requirement for all registered Virtual Asset Service Providers (hereinafter VASPs), mandated by the government.
Additionally, for the best consumer protection and customer experience, Flybit will open and operate a customer service center.
Under the leadership of Chief Technical Officer Young Jin Yoon, Flybit will develop and strengthen: Service Capacity Management, Downtime Management for Listing/Delisting, and a new trading platform. These initiatives will serve Flybit to be diligently compliant with the amended legislation.
In September of this year, Flybit submitted its registration application with eight binders of over 3,000 pages consisting of the company’s AML Framework, Business Plan, and Business Rules and Manuals.
To minimize customer inconvenience and help customers reduce investment risks, Flybit has lowered the minimum withdrawal limit and offers no withdrawal service fee. Flybit also operates with a heightened listing policy: its delisting policy for watchlist cryptocurrencies is available to the public.
Furthermore, Flybit prohibits employee internal trading and frequently updates customer notices to better inform and educate its customers regarding the company’s policies and services. Notably, by offering ‘Knowledge Help Center’, a hub of information on the various cryptocurrencies listed on the Flybit’s coin market, Flybit is dedicated to contributing to market transparency.
Note, Flybit has the second-largest capital (KRW10.98 billion) among cryptocurrency exchanges in Korea. In May 2021, Flybit received the notice of early dismissal of the tax investigation from the National Tax Service, which is yet another supporting evidence of Flybit’s diligence in law observance.
Soon, Flybit will begin the CDD process as it received the official registration from the government.
Notice regarding CDD is available on Flybit’s website.