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Home / TECH GIST / South Korean Government Approves Security Policy of Seven Cryptocurrency Exchange

South Korean Government Approves Security Policy of Seven Cryptocurrency Exchange

According to cointelegraph, the security policy of 7 out of 21 cryptocurrency exchange have been approved by South Korean government.

The news confirms that some of South Korea’s biggest cryptocurrency exchanges have passed a government security audit, but the majority could be exposed to attacks.

Bithumb, Coinone and Korbit, in addition to four other major exchanges, satisfied investigators during the audit, which took place between September and December 2018.

Cryptocurrency-exchangeP

Also Read: Bithumb Commenced Provision Of Cryptocurrency Payment Service To Asia’s Amazon

Of the tranche of 21 platforms involved, however, the remaining 14 failed to meet the criteria for suitable security procedures.

South Korea previously had one of the world’s most active cryptocurrency trading economies before regulatory upheaval saw consumer habits dramatically change in late 2017.

In the interim, 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.

Last month, a court acquitted Bithumb in a case brought by one investor who claimed he lost funds worth $355,000 in a hack because of the platform.

About Michael Iyeyi

Michael Iyeyi, CEO of Alphatekng.com is a humble tech enthusiast, a blogger, and a music freak with passion to impact lives positively.

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