South Korea Government Approves Seven out of 21 Cryptocurrency Exchanges’ Security Policy
Of a total of 21 exchanges, the majority still had notable problems meeting South Korean authorities’ 85 security criteria.
Of the tranche of 21 platforms involved, however, the remaining 14 failed to meet the criteria for suitable security procedures.
In the interim, attackers have continually targeted South Korean operators in order to steal funds from users, with even officially secure ones such as Bithumb reporting breaches last year worth tens of millions of dollars.
The latest audit by lawmakers looked at 85 different aspects of security, and found that of those who did not pass, an average of 51 aspects required attention, ZDNet reports.
While no mention of shutdowns as a result of poor performance has surfaced, Seoul has been more draconian on certain other aspects of the cryptocurrency industry, with initial coin offerings (ICO) still facing a full ban under its jurisdiction.