• Days
  • Hours
  • Mins
  • Secs
  • Tue, 17 Sep 2019, 10:46 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

South Korean cryptocurrency exchanges to be held accountable for user losses

Tue, 18 Jun 2019, 03:25 am UTC

Bithumb and four other major cryptocurrency exchanges in South Korea have reportedly changed their terms of services to state that they will be held accountable for user losses after a cyber attack or system malfunction, following new recommendations from the country’s antitrust watchdog, according to local media outlet Yonhap News Agency.

As per the report, the responsibility for paying out in the updated terms and conditions will lie with the exchanges regardless of whether they were “willfully or grossly negligent.”

The move follows a year after a directive from the country’s Fair Trade Commission. Before, crypto exchanges were only required to pay compensation if it was proven that the user funds were stolen because of the company’s negligence.

The news comes after South Korean officials revealed they will closely monitor the domestic cryptocurrency exchanges and intercede in a proposal to lessen implications for investors in case of market increase. The move followed after bitcoin’s price’s fresh break above 10 million won (~$8,400) last month.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,215.30 (-1.38%)
  • Ethereum (ETH) $198.85 (+2.31%)
  • XRP (XRP) $0.266600 (+1.64%)
  • Bitcoin Cash (BCH) $308.28 (+0.40%)
  • Litecoin (LTC) $72.87 (+2.45%)
  • Bitcoin (BTC) $10,215.30 (-1.38%)
Sep 17, 2019 (Tuesday)
10:18
Hedera Hashgraph blockchain goes live with 26 dapps
08:38
Crypto Technicals: Ethereum pauses shy of $200 mark, set to extend bullish momentum
07:38
Harbor tokenizes iCap Equity’s $100M real estate funds using ethereum blockchain
06:48
Crypto Technicals: BCH/USD fails to extends weakness below 200-DMA, retrace above will see upside resumption
06:02
Women in Leadership: Publicis Sapient hires Merril Lynch veteran Priya Bajoria as SVP Financial Services
05:24
Crypto Technicals: IOT /USD forms successive Dojis at cloud resistance, dents scope for upside continuation
05:17
Crypto payment services BitPay to roll out Ethereum support in the coming weeks
04:37
Blockchain food provenance platform OpenSC secures $4M in seed funding
04:03
Australia's REIQ partners with Igloo to develop blockchain-based tenancy agreements
03:48
Crypto exchange OKEx Korea to remove all privacy coins, including monero, dash, zcash, over FATF's 'travel rule'
03:39
Aventus unveils new ticketing protocol Aventus Classic and $15K prize for blockchain developers
03:35
C4IR UAE, World Economic Forum introduce blockchain accelerator program at Dubai's Area 2071
Sep 16, 2019 (Monday)
11:57
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:31
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:24
HTC’s blockchain smartphone Exodus 1 adds support for Bitcoin Cash
10:14
Crypto Technicals: DASH/USD capped below 50-DMA, 'Bullish Divergence' keeps scope for upside
06:51
Crypto Technicals: LTC/USD breaks above 21-EMA, scope for further gains
06:41
ConsenSys enters decentralized finance ecosystem with new product suite ‘Codefi’
06:06
Kaleido Blockchain integrates QEDIT Zero-Knowledge Proof Enterprise Privacy Solution
05:21
Crypto Technicals: ETH/USD extends 21-EMA breakout, pauses shy of 55-EMA, bias bullish
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft