[2017-12-13] SK Regulator Fines Exchange Operator Bithumb 60 Million Won for Lea

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SK Regulator Fines Exchange Operator Bithumb 60 Million Won for Leaking Customer Data

The Korea Communications Commission has fined the operator of Bithumb, South Korea’s largest bitcoin exchange, for leaking users’ private data. This marks the first time the country’s government has taken punitive steps against a cryptocurrency exchange.

First Punitive Action Against Crypto Exchange
South Korea’s Communications Commission (KCC) held a meeting on Tuesday to inform BTC Korea.com of penalties imposed on the company “for allegedly leaking the private data of its users,” Yonhap reported. Citing this case as “the first time that South Korea has taken punitive steps against an operator of a cryptocurrency exchange,” the publication elaborated:

The Korea Communications Commission decided to impose fines totaling 60 million won ($54,970) on BTC Korea.com, the operator of Bithumb, the largest bitcoin and ethereum digital currency exchange in South Korea, for its alleged negligence in the protection of its users’ information.
The agency has also recommended punishment of responsible persons at the exchange, the news outlet detailed. In addition, the KCC mandates the company to establish measures to ensure no further violations occur in the future.

SOURCE: https://news.bitcoin.com/south-korean-regulator-fines-bithumb-leaking-customer-data/

[iamTom123]

Granted that the circumstances are correct and that Bithumb was really dumb to have made such a leakage of data, I would say that the punishment is just right. Data privacy should be respected at all times except in cases when there is a court order to hand those data or when a legal inquiry on such a matter is held. Isn't it ironic that Coinbase is fighting (and can be losing) the battle against the IRS' order to hand over personal information of 14K US citizens who are members of the said site? And here you have Bithumb found guilty of leaking private information...it is as if people in Bithumb are not so serious in safeguarding those information. I am sure this can affect their business because members would now be wary while using their services. I am happy to know that the South Korean government is quite serious in protecting the privacy of their people.