Bithumb, a virtual asset exchange, announced on the 22nd that it will further strengthen its ‘Virtual Asset Investor Protection Program’ in celebration of its 11th anniversary.
Bithumb is continuously pushing forward with strengthening the system for preemptive blocking of unfair trades and anti-money laundering (AML). The company has added a large number of professional personnel to the 'Market Surveillance Office', a new dedicated organization established to monitor unfair trades ahead of the enforcement of the Virtual Asset User Protection Act. It has also operated a reporting channel for public interest reports, employee misconduct, and unfair trades, and has also significantly increased rewards. It is also preparing to introduce a 'self-trading prevention system' that can preemptively block major abnormal transactions.
We also built a 'next-generation anti-money laundering system' to strengthen our anti-money laundering capabilities. By fully operating the next-generation anti-money laundering system built with our own development system in July, we plan to overcome the functional limitations of external solutions and provide advanced functions in various AML work areas such as customer verification (KYC) and suspicious transaction reporting (STR).
The stability and transparency of user asset management are also being strengthened. Bithumb entrusts KRW deposits to its affiliated bank, NH Nonghyup Bank, for management. The company explains that it manages deposited virtual assets transparently, such as by disclosing the results of quarterly audits with external auditing firms. A Bithumb official emphasized, “We are continuously strengthening user protection measures, such as depositing reserves at a higher standard than required by the Virtual Asset User Protection Act and maintaining a cold wallet storage ratio.”
In order to ensure safe and convenient virtual asset transactions for customers, we are also working on preventing damage and improving convenience. In order to effectively respond to the recent surge in exchange phishing crimes, we are introducing and operating an 'AI-based security threat detection system'. The security threat detection system is a technology that collects and analyzes cyber threat information occurring worldwide in real time and can proactively respond to various threats.
It is possible to detect in real time impersonation sites created on the web, block them within 48 hours, and identify and guide victims within 72 hours. Bithumb actually reported that it recently prevented about 5 billion won worth of impersonation site crimes through this system. The existing 24-hour emergency accident reception center has expanded its functions and is now operating as a '24-hour customer center' that provides 24-hour phone and chat consultations.
Bithumb CEO Lee Jae-won said, “We will strive to provide a safe investment environment for Bithumb users with a more advanced investor protection system.”
