Korbit Launches 'Suspicious Transaction Continuous Monitoring Committee'

Inauguration Ceremony of the Committee at Gangnam-gu Headquarters on the 2nd

At the launch ceremony of the "Abnormal Transaction Continuous Monitoring Committee" held on the 2nd at the headquarters in Gangnam-gu, Seoul, Kim & Chang Law Office's lawyer Jeong Young-gi, expert Shin Sang-hoon, lawyer Kim Jun-young, Kobit CEO Oh Se-jin, auditor Yang Jin-ho, and lawyer Jin Chang-hwan attended and took a commemorative photo. Photo by Kobit

Virtual asset exchange Korbit announced on the 4th that it has launched the 'Continuous Abnormal Transaction Monitoring Committee.'

On the 2nd, at Korbit's headquarters in Gangnam-gu, Seoul, the launch ceremony of the Continuous Abnormal Transaction Monitoring Committee was attended by Korbit CEO Oh Se-jin, auditor Yang Jin-ho, lawyer Jin Chang-hwan, Kim & Chang Law Office lawyers Kim Jun-young and Jung Young-gi, and expert committee member Shin Sang-hoon.

Korbit, together with Kim & Chang Law Office, checked compliance with the obligations required for operators under the Act on the Protection of Virtual Asset Users and appointed lawyer Kim Jun-young, lawyer Jung Young-gi, and expert committee member Shin Sang-hoon as advisory members of the committee.

The committee is responsible for enhancing the fairness and transparency of abnormal transaction monitoring activities. It carefully reviews stepwise preliminary measures such as restrictions on trading and orders, and suspension of transactions related to abnormal transactions, and determines whether the analysis and review of abnormal transactions are being conducted properly. It plans to inspect to ensure appropriate measures are taken against users involved in abnormal transactions.

Established in 2013, Korbit has been systematically performing the continuous abnormal transaction monitoring duties assigned to virtual asset operators under the Act on the Protection of Virtual Asset Users, which came into effect on July 19. In accordance with the guidelines, it reorganized the Continuous Abnormal Transaction Monitoring Committee and the dedicated market monitoring organization and developed a continuous abnormal transaction monitoring system.

Korbit collects essential order book information for detecting abnormal transactions using the continuous abnormal transaction monitoring system and extracts transactions that meet specific criteria corresponding to abnormal transactions. It plans to manage the entire process from detection to monitoring, extraction, and management of abnormal transactions.

Korbit CEO Oh Se-jin stated, "Through the launch ceremony of the Continuous Abnormal Transaction Monitoring Committee, we will protect good-faith investors beyond mere superficial monitoring tasks," adding, "We will continue to strive for proactive and preemptive market order maintenance to uphold market trust."

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