Only 7 Crypto Exchanges Pass Inspection Of Authorities In South Korea
The South Korean government has published the results of the security check of the country's crypto exchanges, which showed that only seven trading platforms can be trusted, Bitcoin.com reports, referring to local media.
The audit was conducted by the South Korean Ministry of Science and Information Technology together with the Korea Internet and Security Organization (KISA) in Q4 2018. In general, 38 trading platforms were inspected, 21 of them were already audited in Q1 2018 and 17 – for the first time.
Safety rules consisted of 85 items. The inspection results revealed that the 14 exchanges that had previously been tested could not improve their performance, and 17 did not meet the requirements at all. According to the results of the first inspection, the managements of the crypto exchanges were given recommendations aimed at improving the work with respect to administrative security, crypto wallet and account management.
Huobi Korea, Upbit, and Bithumb are among the exchanges that have fulfilled all the prescriptions. The rest should improve their performance for several dozen requirements, otherwise many of the trading platforms may be attacked by intruders at any time.
The ministry officials stated that they will continue to conduct similar checks in the future in order to protect investors.
As previously reported, the court of South Korea dropped the charges of low security against Bithumb.