The South Korean government has fined crypto currency exchanges that fail to pass the class in terms of storing user information, about 130 thousand dollars (141 million won).
In a written statement from the Korean government, October 10 and December 28, it was stated that 10 different local cryptocurrency exchanges were examined.. It was stated that the institution that carried out the review was made by a government unit called KCC, which actually does military affairs, but KCC also controls the telecommunications industry.
Among the 10 crypto currency exchanges under review. While 8 of them were fined for violating the rules on the collection and storage of members’ information, it was stated that the fines ranged from 9 to 14 thousand dollars.
Among the rule violations, some exchanges that were penalized were fined. It has been determined that users who have not used the service for more than a year do not delete their information, and some of them give their user information to exchanges serving abroad.
Punished exchangesUpbit, Ripple4y, Coinpia, Youbit, Korbit, Coinone and Coinplug