South Korean authorities report insufficient security at most exchanges

Posted 20 August, 2018

The authorities in South Korea completed an inspection of 21 local exchanges dealing with cryptocurrencies. 

The trading platforms were reportedly checked in June-July by the team from the Korean Internet Security Agency and the Ministry of Science and Technologies.

According to the reports, the KISA team inspected each of the exchanges on-site in line with the requirements that had been determined after the previous checks in January-March 2018. The platforms were inspected for compliance with 85 items in total. Of this amount, 17 items required immediate settlement and 11 – covered measures with crypto wallets management.

The authorities stated that the short-term requirements were met by 11 exchanges. It is worth mentioning that 8 exchanges (Huobi Korea, Upbit, Korbit, Bithumb, Coinlink, Coinone, Coinnest, Coinplug) managed to progress with the wallet management.

The key aim of these inspections was to check whether exchanges fulfil the previous requirements, as commented officials. The main requirements include security issue, password management, deposit/withdraw systems.

At the same time, the authorities reported once again:

“In the management of virtual currency wallets, most of the vulnerabilities in the business have not yet been improved.”

Moreover, the inspection showed that some companies fail to provide a good level of security. With the results of the recent inspection, the government warned that investors should be careful with investing taking into account insufficient protection on the platforms. KISA is said to keep checking crypto exchanges further, citing hacks of Coinrail and Bithumb in 2018.

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20 August, 2018 15:54

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