The South Korean authorities has launched the outcomes of its safety inspection of cryptocurrency exchanges. Only seven of them handed all 85 of the inspection factors. Fourteen previously-inspected exchanges nonetheless haven’t improved and 17 new crypto exchanges didn’t meet safety requirements.
Only Seven Exchanges Passed
South Korea’s Ministry of Science and ICT introduced the outcomes of its safety inspection of cryptocurrency exchanges on Thursday, in keeping with native media.
In collaboration with the Korea Internet and Security Agency (KISA), the ministry inspected a complete of 38 exchanges between September and December final 12 months. Twenty-one of them have been beforehand inspected between January and March final 12 months whereas 17 exchanges have been inspected for the primary time.
Following the earlier inspection, suggestions got to the 21 exchanges to enhance sure safety measures. Seven of them have since made the required enhancements and met all 85 gadgets on the inspectors’ guidelines. The 85 gadgets checked “include system security such as administrative security, network separation and account management … and virtual currency wallet management,” Money Today elaborated.
The seven exchanges that handed the inspection are Upbit, Bithumb, Gopax, Korbit, Coinone, Hanbitco, and Huobi Korea. An official of the Ministry of Science and ICT was quoted by Newsprime as saying:
Most of them have weak safety aside from the seven amenities that fulfill all 85 inspection gadgets.
Most Exchanges Need to Improve
Most of the cryptocurrency exchanges inspected didn’t meet primary safety requirements. The 14 previously-inspected exchanges haven’t made the required enhancements, authorities officers informed reporters.
These 14 exchanges confirmed that they nonetheless want to enhance on 51 safety gadgets on common, so that they “could be exposed to the risk of hacking attacks at all times,” Zdnet Korea famous. As for the 17 new crypto exchanges, the information outlet added that their “overall security level was found to be weak.” Newsprime elaborated:
By inspecting 85 gadgets of the essential safety necessities for 17 newly recognized exchanges, it has been confirmed that the safety degree [of these exchanges] is usually weak because of the lack of 61 [security] gadgets on common.
The information outlet additional detailed, “In particular, it has been confirmed that most of the dealers have a low level of security such as network separation and access control as well as the lack of establishment and management of security systems such as basic PC and network security.” The ministry mentioned it’ll proceed to assessment and examine crypto exchanges for safety flaws, with a deal with defending traders from hacking incidents.
What do you consider solely seven crypto exchanges passing the Korean authorities safety inspection? Let us know within the comments part below.
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