Crypto Exchange Execs In South Korea Arrested Over Alleged Embezzlement

Crime, News | April 6, 2018 By:

South Korean police have arrested four executives from two domestic cryptocurrency exchanges for allegedly embezzling funds belonging to customers.

According to police officials, Kim Ik-hwan, co-founder and CEO of cryptocurrency exchange Coinnest, and the other three suspects were detained on Thursday. The identities of the other executives and the other exchange have not been made public. 


Crypto Exchanges In South Korea Ordered To Revise Customer Contracts

News, Regulation | April 5, 2018 By:

The South Korean Fair Trade Commission (FTC), the country’s regulatory authority for economic competition, has ordered 12 local cryptocurrency exchanges to revise their adhesion contracts to provide better protection to consumers.

According to the FTC, existing guidelines unfairly bar users from withdrawing their deposits or limit their services to users and force users to shoulder all financial losses when they end their membership with the crypto exchange.