South Korea Government Approves Security Policy of Seven Crypto Exchanges

Local tech news outlet ZDNet reported on Jan 10, some of South Korea’s biggest digital asset and cryptocurrency exchanges have passed a government security audit. However, a majority of exchanges could be exposed to attacks.

During the audit- Coinone, Bithumb, and Korbit- in addition to four other major exchanges, satisfied the investigators. The investigations took place between September and December 2018.

Overall 21 platforms were involved in the investigation. It is to be noted that 14 failed to meet the criteria for suitable security procedures.

It is to be noted that South Korea earlier had one of the world’s most active cryptocurrency and digital asset trading economies before regulatory turmoil saw consumer habits spectacularly change in late 2017.

Meanwhile, attackers have continually targeted South Korean operators in order to steal funds from users, with even officially secure ones such as Bithumb reporting breaches last year worth tens of millions of dollars.

As per the report of ZDNet, the latest audit by lawmakers looked at eighty five different aspects of security, and found that of those who did not pass, an average of fifty one aspects required attention.

A court, last month, exculpate Bithumb in a case brought by one investor who claimed he lost funds around $355k in a cyber hack because of the platform.

It is to be noted that Seoul has been more draconian on certain other aspects of the digital asset and cryptocurrency industry, while no mention of shutdowns as a result of poor performance has surfaced. Notably, initial coin offerings (ICO) still facing a full ban under Seoul’s jurisdiction.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin3,692.12 0.08 % 1.88 % 2.03 %
Ethereum123.37 0.13 % 2.57 % 0.68 %
XRP0.327 0.08 % 1.13 % 0.10 %
Litecoin32.65 0.11 % 4.64 % 0.84 %
Bitcoin Cash128.44 0.29 % 1.03 % 3.54 %