Three of the biggest cryptocurrency exchanges in South Korea have tightened restrictions on virtual currency trading by their employees in a move designed to comply with the nation’s crypto regulations.
Fast facts
- Bithumb announced that starting this month, it had banned its employees from trading cryptocurrencies using Bithumb accounts. The exchange has made employees sign a contract agreeing to the ban and required that they close their existing Bithumb user accounts.
- Korbit has applied the same measures to its employees, starting this month. Upbit already limits its employees to trading in Bitcoin, Ethereum and Tether on its own platform. When trading on other exchanges, Upbit employees must obtain prior approval and report their returns on a regular basis.
- Korea’s Financial Services Commission announced earlier this year that it will forbid exchange owners and executives from trading on their own platforms in an effort to improve transparency and prevent price manipulation. The FSC’s ban will be apply to all exchange employees after a Sept. 24 compliance deadline related to the country’s crypto exchange law.