5 South Korean Crypto Exchanges Take On New Responsibility for User Losses

Five cryptocurrency exchanges in South Korea have increased their liability to users in line with demands from regulators. Local English-language news outlet The Korea Herald reported the news on June 17, citing Yonhap News Agency.

A year after the Fair Trade Commission requested Bithumb and four other platforms to adapt their policy, the companies will now hold themselves accountable in the event of user funds being stolen.

The onus for paying out will lie with the exchanges even if no willful or gross negligence occurred on their part, The Korea Herald stated.

Previously, exchanges only reimbursed users if it was proven that their own systems were at fault.

Read more at CoinTelegraph

#Exchanges #SouthKorea