SEOUL, South Korea--(BUSINESS WIRE)--KoreaDigitalExchange Co., Ltd, an 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.
Flybit has been a leading compliant cryptocurrency exchange without any financial accident or information leakage since the corporation was established in 2017. Flybit’s commitment to robust risk management culture, customer-centric strategy and transparent management has resulted in the successful completion of its registration with the government.
As a registered Cryptocurrency Exchange, Flybit will continue to focus on strengthening its AML framework to diligently comply with the related 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.
Furthermore, in its effort 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 offering innovative financial services by analyzing market demands while complying with the amended 'Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information', which now imposes legal obligations to Cryptocurrency Exchanges and all VASPs.
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.
Previously in September of this year, Flybit submitted its registration application along with eight binders worth 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.
Flybit has the second-largest capital (KRW10.98 billion) among Cryptocurrency Exchanges in Korea and is securely backed by a solid financial structure. 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.
To proactively operate in the fast-changing market environments, Flybit will maximize business transparency while putting in its best efforts to offer a secure and reliable trading experience for the customers. Flybit is also committed to advancing its already robust Risk Management culture to the next level by enhancing its AML program and internal control and risk management system. It is in the preparing stage to secure a partnership agreement with a financial institution for a real name account so that it can soon service trading in Korean won in the near future.
Flybit will soon begin the CDD process as it received the official registration from the government. Notice regarding CDD is available on Flybit’s website (https://flybit.com).