Four major cryptocurrency exchanges in South Korea — Bithumb, Coinone, Korbit and Upbit – have announced a joint initiative in which they will compete with potential money laundering and other fraudulent schemes. It is reported by CoinDesk.

Announced last week a partnership, in particular, involves the launch of a hotline through which users can report suspicious transactions, phishing scams, pyramid schemes and other illegal activities.

We will also create a joint database of suspicious addresses purses, which are expected to help identify and block fraudsters who use various exchanges to move large amounts.

As counting concluded a partnership exchange, the initiative will join other trading platform.

Earlier in January, the South Korean authorities summed up the results of the inspection, 21 cryptocurrency exchanges for compliance with safety requirements. According to her results, the endorsement of the regulators only got seven sites.