Topic: [2018-04-10] 23 Cryptocurrency Exchanges in South Korea to Self-Regulate, 10 ... (Read 78 times)

23 Cryptocurrency Exchanges in South Korea to Self-Regulate, 10 Opt-Out

The need for cryptocurrency self-regulation in South Korea is rising as banks still refuse to issue new virtual accounts for most crypto exchanges. The Korean Blockchain Association is preparing self-regulatory standards. Thirty-three exchanges were asked to undergo a review; twenty-three agreed but ten refused, according to local media.

23 Exchanges to Self-Regulate

The Korean Blockchain Association is preparing a self-regulatory review of cryptocurrency exchanges operating in the country as well as launching standards for self-regulation. Jeon Jae-jin, chairman of the association’s self-regulation committee, was quoted by Seoul Finance explaining, “We will focus on establishing the safety and transparency of the exchanges.”

“The association predicted [that the] self-regulatory review will be smooth,” the news outlet noted, adding that thirty-three member exchanges were asked by the association to undergo a self-regulatory review. Twenty-three of them agreed; the remaining ten refused and were cast out of the association. Among them was Coinnest, whose CEO was recently arrested.

According to the publication, the member exchanges at the time of this writing are Glosfer, Nexcoin, Neoframe, Upbit, Bithumb, Gopax, Coinlink, Scoin, Okcoin Korea, Whalex, Zeniex, Kairex, Kcx Exchange, Komid, Korbit, Coinone, Coinzest, Coinplug, Crypto Company, Dexko, Korea Encryption, Money Exchange, and Huobi Korea.

Read more: https://news.bitcoin.com/23-cryptocurrency-exchanges-south-korea-self-regulate-10-opt-out/