Borabit Exchange Completes ISMS Certification

Borabit, a virtual asset exchange operated by the blockchain specialist company Banko, announced on the 11th that it has completed ISMS certification valid until 2027.

Borabit completed preliminary certification last year for handling KRW transactions and is currently negotiating with banks. The plan is to finalize negotiations through verification of management and monitoring systems following the enforcement of the Act on the Protection of Virtual Asset Users.

Although many virtual asset operators have recently ceased operations and closed their businesses, Borabit has established an abnormal transaction detection system (FDS) required by financial authorities and is undergoing verification through various scenarios.

A company representative stated, “The transaction data, which serves as the fundamental data for detecting abnormal transactions, is being accumulated in the same standard across all exchanges,” and added, “We are willing to share the abnormal transaction detection system technology developed in-house with other exchanges.” Borabit was the first in Korea to develop a travel rule system in 2021 and announced at that time that it would provide it free of charge to other exchanges.

Meanwhile, Borabit Exchange is the only exchange that has complied with the Financial Services Commission’s guideline since January 2018, which prohibits collection through corporate beehive accounts with a high risk of money laundering.

This content was produced with the assistance of AI translation services.