Bonanza Factory Expands IAAN AML Cooperation Network; Bybit Joins

Bonanza Factory, a cryptocurrency compliance company, said on September 30 that it is expanding IAAN, an institutional anti-money laundering network that supports investigative cooperation between South Korean law enforcement agencies and global virtual asset service providers, or VASPs.

IAAN, or Institutional AML Alliance Network, links domestic investigative agencies with overseas virtual asset service providers through Bonanza Factory's tracking and analytics solution, TranSight. It supports investigative cooperation on matters including asset freezes and verification of account and identity information.

Cooperation with overseas virtual asset service providers had previously been handled mainly through email or separate contact networks. IAAN standardizes request-and-response procedures between investigative agencies and exchanges, helping urgent requests such as asset freezes or account verification reach counterparties more quickly.

Since launching in November 2025, IAAN has brokered about 650 cooperation requests related to cryptocurrency investigations. Major institutions including the National Office of Investigation at the Korean National Police Agency and the National Tax Service are using TranSight. Following MEXC, global exchange Bybit has recently joined the IAAN network and is supporting crypto-related investigative cooperation requests from South Korean law enforcement agencies.

Bonanza Factory said it plans to continue expanding the number of exchanges and institutions participating in IAAN and to develop the network into a standardized exchange cooperation protocol linking South Korean law enforcement agencies and global virtual asset service providers. It also plans to broaden cooperation beyond asset freezes and identity checks to include asset recovery and international coordination.

Han Tae-woo, head of Bonanza Factory's blockchain tech business division, said cryptocurrency crime requires speed because funds can move across borders in real time. Once investigators identify criminal proceeds, they must quickly connect with overseas operators and carry out freeze measures. He added that IAAN aims to standardize cooperation procedures between South Korean law enforcement agencies and global exchanges while securely and rapidly routing requests needed for investigations.