All Major Korean Cryptocurrency Exchanges Fail Privacy Tests – 30 Days to ImproveThe South Korean Communications Commission has conducted a survey of major cryptocurrency exchanges in the country and found them to have insufficient customer data protection. Eight exchanges have been sanctioned, with 30 days to resolve their issues and safeguard their systems.
All Major Exchanges Are in ViolationThe South Korean Communications Commission (KCC) announced on Wednesday that it has sanctioned 8 cryptocurrency exchanges “a total of KRW141 million [~USD$132,540] in penalties for violating the Personal Information Protection Act.”
This announcement followed the agency’s on-site survey of 10 exchange operators, in collaboration with the Ministry of Science, Technology, and Information and the Korea Internet Development Agency (KISA). The KCC wrote:''Among the 10 surveyed companies, all eight companies, except the two companies which stopped providing related services during the survey period, were found to be in violation of the Information and Communication Network Act.''
The 10 companies surveyed are Upbit, Ripple4y, Coinpia, Youbit, Korbit, Coinone, Coinplug, Eyalabs, Bizcoin, and Bizstore, according to Chosun. Bizcoin and Bizstore stopped their crypto-related services during the survey and were excluded from the list, the news outlet detailed. The country’s largest crypto exchange by volume, Bithumb, was previously investigated separately.
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