S. Korea should deepen work with U.S., Japan on sanctions against N.K. after Binance theft: expert

In a recent report, a U.S. cryptocurrency expert has urged South Korea to enhance collaboration with the United States and Japan in order to effectively counter North Korean cryptocurrency theft, particularly in light of a major incident involving Binance. According to Ari Redbord, the global head of policy at U.S. blockchain intelligence firm TRM Labs, South Korea must intensify its efforts in this regard to exert additional pressure on North Korea.

The U.S. Federal Bureau of Investigation has attributed the theft of over US$6 billion in cryptocurrency from Binance to North Korea. However, Pyongyang has vehemently denied these allegations, labeling them as a "grave political provocation" against the North. Redbord emphasized that pressure on North Korea should take the form of multilateral and unilateral sanctions, diplomatic pressure on the nation and its Chinese backers, and action against the Chinese money laundering networks that North Korea relies on.