Huobi Korea, the South Korean arm of the world's second-largest cryptocurrency exchange by trading volume, has been certified by a major regulator.

According to an announcement on January. eighteen, the Korea Internet and Security Agency, or KISA, has granted Huobi Korea an information security management system, or ISMS, certification.

The ISMS certification will provide Huobi Korea with a comprehensive management system to ensure security and compliance with the Special Payment Act — new legislation requiring local crypto businesses to report transactions in line with revised Know Your Customer and Anti-Coin Laundering policies.

Specifically, exchanges must report the existent names of their users to the Korean Financial Intelligence Unit in addition to verifying them against personal information, such equally resident registration numbers. The Special Payment Act volition come into force in March 2021.

Park Si-deok, CEO of Huobi Korea, said that the acquisition of ISMS volition further strengthen the visitor's position as a provider of institutional-level crypto services. As previously reported, Huobi Korea officially launched trading in March 2018.

While Huobi continues to cement its position in Republic of korea, some global crypto exchanges take faced some issues in maintaining their business concern in the country. Binance KR, the Due south Korean wing of the globe's largest crypto exchange Binance, shut downwardly operations due to depression volumes in January 2021.