South Korean Crypto Exchange Bithumb Bans staff from trading Bitcoin

One of the biggest South Korean cryptocurrency exchanges, in terms of trade volume, Bithumb, has declared that staff are prohibited from trading bitcoin on the exchange platform. The company’s chief officer discovered the choice in an exceedingly Bithumb newssheet centered on up “transaction transparency.”

Bithumb Bans worker Bitcoin commerce – can Monitor for people who Don’t follow

  • The cryptocurrency trading platform Bithumb has informed that staff are currently restricted from investing in the exchange. This implies that Bithumb staff will not acquire an internal account on the South Korean cryptocurrency exchange.
  • Bithumb’s chief officer wrote in the news that the move is targeted at “transaction transparency.” In addition, he revealed data and taking part in unfair trade practices and value manipulation is additionally prohibited so as to “ensure clear operation.”
  • The South Korean cryptocurrency exchange more says that “Bithumb is ceaselessly strengthening compliance management and control by providing coaching to accumulate the International normal Compliance Management System certification.”
  • According to the announcement, Bithumb’s management told staff in June that by July: “Bithumb trading accounts for investment functions by employees” would be prohibited indefinitely.
  • The announcement explains that Bithumb staff have taken an oath to withdraw last month and to prevent investing in the commerce platform. “From this month on, we are going to strictly manage whether or not or not staff accommodates the laws through continuous observance, self-audits, and internal coverage system operations.”
  • The employee ban follows the recent private meeting between South Korean regulators and twenty digital currency exchanges. The meeting was after the Financial Supervisory Service of South Korea explained that it might manage South Korea’s cryptocurrency market.
  • In addition to the inflated laws, officers are worried regarding South Korea’s ‘kimchi premium,’ as crypto assets have seen higher rescript values within the Korean won as compared to the world exchange rate.
  • On Fri morning at 11a.m. (EDT) the worth of bitcoin (BTC) changed hands for $33,529 per unit. However, throughout an equivalent time-frame on Bithumb, the worth of BTC is $1,140 above the world average at $34,669.
  • At the time of writing, Bithumb has over $1 billion in international trade volume or 31,499 BTC throughout the last twenty four hours.