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Having Approved 12 Crypto Exchanges, a South Korean Industry Body Is Under Fire
The Korea Blockchain Association (KBA), that deals with the inspection of cryptocurrency exchanges, is suffering from overwhelming scrutiny. In May, the regulatory body conducted an in-house examination of 12 digital currency exchanges operating on the country’s crypto market. As a result, 12 out of 12 crypto trading platforms were approved.
Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/former-finance-minister-backs-quickx-project/The problem here is they should have limited the cryptocurrency exchanges who will pass in the first place. If they don't have the manpower to maintain and monitor all 12 exchanges then I think the next step would be selectively shutting them down by not renewing their licenses anymore. If they will do this they need to use some kind of striking system where the exchanges who has the least amount of strikes will remain in operation in South Korea. For me having 12 cryptocurrency officially licensed in South Korea is really a problem when it comes to security as it would be impossible to monitor all of them at once without the proper manpower to do so.
