Cryptocurrency exchanges get nod of approval.
12 cryptocurrency exchanges in South Korea pass the security requirements set forth by the South Korean Blockchain Association.
Specifically, the South Korean Blockchain Association said that 12 of the exchanges they reviewed have adequate security measures and internal management systems in pace
The list of approved exchanges are as follows:
- Bithumb
- Upbit
- Gopax
- OKCoin
- Korbit
- Coineone
- CoinZest
- CPDAXX
- HanbitKor
- Huobi
- NeoFrame
- DexKor
(Source: https://www.ccn.com/all-crypto-exchanges-in-south-korea-meet-new-requirements-new-money-to-come-in/)
One exchange in particular sticks out...
If you are like me, one of those exchanges in particular tends to stand out.
The Bithumb exchange was just hacked a few weeks back to the tune of $40 million.
Though, the exchange recovered some of the stolen funds and said they would reimburse customer funds from their own stock pile, deposits and withdrawals have been disabled ever since.
Not exactly a confidence inspiring situation.
Seems odd to me that an exchange that recently got hacked and is still not letting people take their funds out would pass with flying colors?!
(Source: https://bitcoinexchangeguide.com/bithumb/)
New money will enter now?
Local publications have reported that following the announcement by the South Korean Blockchain Association, a wave of new money is expected to flow in.
The South Korean exchanges have basically been frozen since the government announced they would be regulating cryptocurrency trading platforms as regulated financial institutions.
However, now that these 12 exchanges have passed inspection, the expectation is that money will start flowing in as they are seen to have adequate safety measures in place to protect investors.
Whether that is true or not remains to be seen, though I like the thought process.
Either way, as long as the regulation doesn't get too heavy handed, these types of things should help spur investment as investors feel safer putting their money into better regulated markets.
Stay informed my friends.
Image Source:
https://www.ccn.com/all-crypto-exchanges-in-south-korea-meet-new-requirements-new-money-to-come-in/
Follow me: @jrcornel