Half of South Korean Bitcoin exchanges do not meet the requirements of regulators

Half of South Korean Bitcoin exchanges do not meet the requirements of regulators


The results of the inspection of all cryptocurrency exchanges of South Korea conducted in June showed that a half from them fell short to the requirements of regulators, CoinGeek reports.

Verification was conducted by  the Korea Internet and Security Agency and  the Korean Ministry of Science and Technology in reply to complaints about impermissible activity on local exchanges.

List from 85 requirements the cryptocurrency exchanges of the country must correspond that was made a yet at the beginning of the year, but summer verification was concentrated on 17 points requiring an immediate correction, 11 governed, touching a management wallets, and 6 less importance requirements.

In a number these 17 the most essential points such questions, as separation administrative link and employees safety, entered from other colleagues, password system, control above deposits and conclusion of cryptocurrencies, and also systems of finding out offtype actions in a wallet.

Appeared, that from a 21 Korean trade ground the most essential requirements 11 exchanges conform to. In addition, eight exchanges (Bithumb, Korbit, Upbit, Coinnest, Coinlink, Coinplug, Coinone and Huobi Korea) corrected control system a wallet.

“In control system by the walletts of the virtual currencies majority vulnerabilities were not corrected”, the experts of the Korea Internet and Security Agency underlined.

It is also reported that 12 exchanges turn attention not enough on procedures prevention losses of the data and loss of the money from the “cold” depositories. 10 grounds do not have the adequate systems finding out suspicious activity online-purses. 10 cryptocurrency exchanges did not work out procedure of reserve printing-down and renewal of wallets.

“In connection with weak safety of exchanges of virtual currencies users must be careful at investing. We will continue verifications of the exchanges for the improvement safety”, the representative of Ministry of information and communications warned.

It is reported that next verification of the Korean exchanges will pass regulators in September. If till now new trade grounds will be registered in a country, then verification will touch and them, officials declared.

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