South Korea Fines 6 Exchanges For Security Law ‘Violations’
HomeCryptocurrency NewsBitcoinist.com

South Korea Fines 6 Exchanges For Security Law ‘Violations’

Six major South Korea cryptocurrency exchanges have received fines of around 25 million won ($23,500) for lax security measures which “viola...

‘Anymore of This Sh!t, We Delist’ Bitcoin SV – Warns Binance CEO
Julian Assange Nets $20K in Bitcoin Donations in 24 Hours
IMF Poll: Cryptocurrency Payments Will Be Mainstream By 2024

Six major South Korea cryptocurrency exchanges have received fines of around 25 million won ($23,500) for lax security measures which “violated” laws.


6 Of 10 Exchanges Ordered To Pay

As local news media outlet Yonhap News Agency reports Wednesday, government officials will press forward with penalties in what some commentators view as an increasingly promising sign of bringing the domestic cryptocurrency industry under regulatory control.

“Although the size of transactions and the number of users are surging, overall user protection measures are insufficient,” the publication quotes the Korea Communications Commission (KCC) as saying.

The decision to fine exchanges flouting the Information and Communications Act, which include well-known names such as Korbit, Coinone and Coinplug, follows a joint investigation into security setups at ten exchanges which several government agencies ran from October to December last year.

‘Tiny’ Fines

The move is the latest is Seoul’s ongoing bid to solidify the exchange market, having confirmed this week that anonymous trading would end January 30 and exchanges must pay tax on 2017 profits in full by April 30.

Reactions have been mixed, with native exchange users in particular sensitive following mass uproar resulting from the government’s handling of the issue over the past months.

Consensus appears to be similarly lacking on the fines, a KCC source telling Yonhap the amounts involved are “too low” and industry figures likewise voicing suspicions.

“I know there is an indication that the amount imposed on each operator is too low, but this measure imposes the maximum amount possible under current information and communication network law,” the official stated.

Nonetheless, security problems at Korean exchanges have received significant negative press amid rumors North Korea was stealing funds for its own ends on a regular basis.

Amid the suspicion, one media company hired white hat hackers to create and then compromise accounts on five exchanges, which it reports was successfully done with what it describes as “basic” tools.

What do you think about the South Korean exchange fines? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter

The post South Korea Fines 6 Exchanges For Security Law ‘Violations’ appeared first on Bitcoinist.com.



from Bitcoinist.com http://ift.tt/2rGbdgv
Name

Bitcoin News,5117,Bitcoinist.com,4741,Cryptocurrencies,4741,Cryptocurrencies Latest News,5117,Cryptocurrency Latest News,4741,Cryptocurrency News,9858,
ltr
item
Cryptocurrency Latest News: South Korea Fines 6 Exchanges For Security Law ‘Violations’
South Korea Fines 6 Exchanges For Security Law ‘Violations’
http://bitcoinist.com/wp-content/uploads/2017/12/pdp-south-korea-buddha.jpg
Cryptocurrency Latest News
http://cryptocurrencylatest.blogspot.com/2018/01/south-korea-fines-6-exchanges-for.html
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/2018/01/south-korea-fines-6-exchanges-for.html
true
1236144943044321696
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy