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.