South Korean government fined cryptocurrency exchange markets

Marcin Iwański
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Cryptocurrencies, in general, give us anonymous transactions, and, in fact, a lot of other pros, but personal data is a serious issue and exchange markets should “guard” those data better.

 

Heavy fines

Last week, the Korea Communications Commission (KCC) fined eight big cryptocurrency exchange markets for ₩141 million (around $130 000). Upbit, Ripple4u, Coinpia, Youbit, Korbit, Coinone, Coinplug and Eyalabs, those cryptocurrency services were fined.

Fines are a result of an investigation that has started Oct. 10, until Dec. 28 in 2017.

An investigation has proven that eight from ten examined companies have violated the Information and Communication Network Act. Those companies according to the

announcement, have commited critical violations, for example, not deleting users data even when they haven’t used their services for over a year and storing users data outside of the country.

 

Changes

As we wrote earlier, South Korea wants to regulate cryptocurrencies. They want to secure investors from scam exchanges and secure their personal data. There were rumors earlier, that South Korean government wants to ban all cryptocurrency exchange markets. They said that it is impossible and unrealistic. Taking care of unreliable exchanges is a proof that changes in cryptocurrencies need to come. I don’t think that banning is a right way, but it’s good that you can trade cryptocurrencies and be safe while doing it.

 

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