LBank Joins Prestigious Korean CODE VASP Alliance, Integrates with Bithumb

• LBank is now a proud member of the Korean CODE VASP Alliance for its commitment to regulatory compliance and user-centric services.
• The alliance enables LBank to facilitate convenient deposits and withdrawals to and from major South Korean exchanges, including Bithumb, Korbit, and Coinone.
• With Bithumb’s whitelist integration with LBank, all Korean users can transfer funds seamlessly between the two platforms without any restrictions.

LBank Joins Prestigious Korean CODE VASP Alliance

LBank is pleased to announce its membership in the prestigious Korean CODE VASP Alliance, a testament to its unwavering commitment to regulatory compliance and user-centric services. This strategic move highlights LBank’s commitment to regulatory compliance and its continuous efforts to enhance user experiences.

Facilitates Convenient Deposits & Withdrawals

As a proud member of the Korean CODE VASP Alliance, LBank now facilitates convenient deposits and withdrawals to and from major South Korean exchanges, including Bithumb, Korbit, and Coinone.

Bithumb Whitelist Integration withLBank

In a significant development, Bithumb – one of South Korea’s largest cryptocurrency exchange platforms officially opened a whitelist with LBank on August 22. This collaboration enables all Korean users to transfer funds seamlessly between the two platforms without any restrictions. Bithumb restricts its users from transferring funds outside of the whitelist as per local regulatory requirements. Following rigorous compliance with local regulatory requirements, LBank is now officially part of the Bithumb whitelist.

Korean CODE VASP Alliance Representing Global Standards

The Korean CODE VASP Alliance represents a groundbreaking collaboration between three major crypto exchanges in South Korea: Bithumb, Coinone, and Korbit that jointly adopted the CODE Travel Rule solution recommended by FATF (Financial Action Task Force). This solution aids authorities in tracking cryptocurrency movement between VASPs such as digital asset issuers & cryptocurrency exchanges while complying with Special Financial Transaction Information Act revised in 2021 which mandates global standards for combatting money laundering & terrorist financing through disclosure of virtual assets transactions information.

Conclusion

In conclusion , this milestone marks an important step forward for Lbank’s dedication towards providing safe & secure user experience while adhering closely with global regulatory standards .