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Korean Regulator Tells Crypto Exchanges to Revise User Agreements
South Korean regulators, whose decisions have shaken cryptocurrency markets in the past, are reportedly cracking down on exchanges' contract terms.
By David Floyd
Updated Sep 13, 2021, 7:47 a.m. Published Apr 4, 2018, 6:45 p.m.
A South Korean regulator has ordered 12 of the country's cryptocurrency exchanges to revise their user agreements.
In a statement published Wednesday, the Fair Trade Commission (FTC) on Wednesday outlined the mandate, which was directed at popular exchanges like Bithumb, Korbit and Coinone, among others.
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According to a report from the South Korean news agency Yonhap, officials faulted the exchanges for failing to provide the necessary protections for users in the so-called adhesion contracts, also known as boilerplate contracts.
The news service said that the FTC cited provisions in the agreements which it argued place undue financial burdens on users in the event that they end their memberships. The Korean FTC did not immediately respond to CoinDesk's request for comment.
The FTC's move represents the latest measure taken by the Korean government to police the cryptocurrency exchange ecosystem. Last month, reports indicated that regulators in the country are investigating the anti-money laundering controls of banks that do business with exchanges. That move came on the heels of public reports of an investigation into possible tax evasion.
Regulatory actions aside, exchange representatives have struck a largely upbeat tone about the sector's prospects. At an event in Seoul this week, members of the exchange ecosystem pledged to do a better job of self-regulating in order to create what a panel member called a "healthy market."
And in spite of any tightening regulation for exchanges, South Korea continues to serve as a major market for the tech, both on the cryptocurrency and blockchain fronts. CoinDesk reported this week that the country's capital, Seoul, is working on its own cryptocurrency, and a recent survey indicated that younger Koreans have a greater interest in crypto investing than older demographics.
South Korea flag and bitcoin image via Shutterstock
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