The South Korean Fair Trade Commission (FTC) informed 12 cryptocurrency exchanges that they must change their adhesion contracts – contracts created by an entity where the terms and conditions are non-negotiable to the customer – due to their current lack of customer protection, local news outlet Yonhap News reports today, April 4.
The FTC reported that the contracts in their current form don’t allow users to withdraw their deposits, limit user services, and put the financial burden on users when they end their membership with the crypto exchange.
South Korea, which is reportedly the world’s largest market for cryptocurrencies after the US and Japan, has been implementing a series of crypto regulations since last fall, including ending anonymous crypto trading and banning government officials from holding and trading cryptocurrencies.
At the end of March, South Korean regulators announced that they would release a crypto tax framework by June.
Link:
https://cointelegraph.com/news/s-korean-regulator-orders-12-crypto-exchanges-to-make-contracts-more-consumer-friendly
The majority of them are not user friendly because they were putting a lot of limitation to the users or i can say they are strict our account. I've registered in the korean exchange site and it looks like the exchange site can do anything with my account without any confirmation to the user. That's why regulators put an order to make consumer friendly regulation to give a chance for users to defend their account against the exchange site. The FTC reported that the contracts in their current form don’t allow users to withdraw their deposits, limit user services, and put the financial burden on users when they end their membership with the crypto exchange.
South Korea, which is reportedly the world’s largest market for cryptocurrencies after the US and Japan, has been implementing a series of crypto regulations since last fall, including ending anonymous crypto trading and banning government officials from holding and trading cryptocurrencies.
At the end of March, South Korean regulators announced that they would release a crypto tax framework by June.
Link:
https://cointelegraph.com/news/s-korean-regulator-orders-12-crypto-exchanges-to-make-contracts-more-consumer-friendly