South Korean Crypto Exchange Bithumb Bans Employees from Trading Bitcoin

4 weeks ago 126

One of the largest South Korean cryptocurrency exchanges, successful presumption of commercialized volume, Bithumb, has announced that employees are banned from trading bitcoin connected the speech platform. The company’s main enforcement serviceman revealed the determination successful a Bithumb newsletter focused connected improving “transaction transparency.”

Bithumb Bans Employee Bitcoin Trading – Will Monitor for Individuals Who Don’t Comply

  • The cryptocurrency trading level Bithumb has revealed that employees are present restricted from leveraging the exchange. This means that Bithumb employees tin nary longer get an interior relationship connected the South Korean cryptocurrency exchange.
  • Bithumb’s main enforcement serviceman wrote successful the newsletter that the determination is focused connected improving “transaction transparency.” Additionally, leaking undisclosed accusation and participating successful unfair commercialized practices and marketplace terms manipulation is besides prohibited successful bid to “ensure transparent operation.”
  • The South Korean cryptocurrency speech further says that “Bithumb is continuously strengthening compliance absorption and interior power by providing grooming to get the International Standard Compliance Management System certification.”
  • According to the announcement, Bithumb’s absorption told employees successful June that by July: “Bithumb trading accounts for concern purposes by employees” would beryllium banned indefinitely.
  • The announcement explains that Bithumb employees person taken an oath to retreat past period and to halt leveraging the trading platform. “From this period on, we volition strictly negociate whether oregon not employees comply with the regulations done continuous monitoring, self-audits, and interior reporting strategy operations.”
  • The worker prohibition follows the caller closed-door meeting betwixt South Korean regulators and 20 integer currency exchanges. The gathering was aft the Financial Supervisory Service of South Korea explained that it would oversee South Korea’s cryptocurrency market.
  • In summation to the accrued regulations, officials person been concerned astir South Korea’s ‘kimchi premium,’ arsenic crypto assets person seen higher fiat values successful the Korean won successful examination to the planetary speech rate.
  • On Friday greeting astatine 11 a.m. (EDT) the terms of bitcoin (BTC) exchanged hands for $33,529 per unit. However, during the aforesaid clip framework connected Bithumb, the terms of BTC is $1,140 higher than the planetary mean astatine $34,669.
  • At the clip of writing, Bithumb has implicit $1 cardinal successful planetary commercialized measurement oregon 31,499 BTC during the past 24 hours.

What bash you deliberation astir Bithumb restricting employees from trading bitcoin? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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