South Korean Crypto Exchanges Increase Their Liability To Users

South Korean Crypto Exchanges

Five cryptocurrency exchanges in South Korea have increased their liability to users to comply with demands from regulators. This is according to The Korea Herald

 

The companies will now hold themselves accountable in the event of user funds being stolen. The responsibility for paying out will lie with the exchanges even if no willful or gross negligence occurred on their part. Exchanges only reimbursed users if it was proven that their own systems were at fault in the past but the onus lies on them to do so now whether they are at fault or not.

The changes are pertinent for the domestic exchange sector, with Bithumb among those which suffered hacks of user funds over the past year.

Increasing security for South Korean platforms is also necessary due to the increased risk of cyber attacks from neighboring North Korea.

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