Dunamu, the South Korean operator of cryptocurrency exchange Upbit, outlined that it’ll spend $8.9 Mln USD establishing a unit to guard crypto investors.
The “Upbit Protection Center for Digital Asset Investors” is meant to stop fraud, conduct research and offer legal assistance and support to victims of crypto-related crimes, the Korea Herald recently reported earlier on Thursday.
The announcement comes against the backdrop of a clampdown by South Korea’s government on crypto businesses.
Cryptocurrency exchanges within the country have until 24th Sept. to register as VASP [Virtual Asset Service Providers], permitting regulators to work out the legality of firms’ operations.
Dunamu will also start running an environmental, social, and governance [ESG] management committee later in 2022, headed by board director Song Chi-hying.
This is a part of Dunamu’s efforts to hitch the worldwide ESG trend, a growing focus for financial institutions and regulators.
Within the cryptocurrency ecosystem, ESG is usually related to the energy required in mining. However, it can also reach how companies operate and their wider impact on society, like the association with fraud as well as money laundering.