South Korean cryptocurrency exchange Bithumb bans employees from trading bitcoin – Bitcoin exchanges news
One of South Korea’s largest cryptocurrency exchanges, in terms of trading volume, Bithumb, announced that employees are prohibited from trading bitcoin on the exchange. The CEO of the company revealed the decision in a Bithumb newsletter focused on improving “transaction transparency.”
Bithumb bans bitcoin trading for employees – will monitor non-compliant people
- The Bithumb cryptocurrency trading platform has revealed that employees can no longer take advantage of the exchange. This means that Bithumb employees can no longer obtain an internal account on the South Korean cryptocurrency exchange.
- Bithumb’s chief executive wrote in the newsletter that the decision focused on improving “transaction transparency.” In addition, the disclosure of undisclosed information and participation in unfair trading practices and the manipulation of market prices are also prohibited in order to “ensure a transparent operation”.
- The South Korean cryptocurrency exchange adds that “Bithumb continually strengthens compliance management and internal control by providing training to acquire the International Standard Compliance Management System certification.”
- According to the announcement, Bithumb management told employees in June that by July, “Bithumb trading accounts for investment purposes by employees” would be banned indefinitely.
- The announcement explains that Bithumb employees vowed to pull out last month and stop leveraging the trading platform. “Starting this month, we will strictly manage whether or not employees are complying with regulations through continuous monitoring, self-audits and internal reporting system operations. “
- The employee ban follows the recent closed-door meeting between South Korean regulators and 20 digital currency exchanges. The meeting took place after South Korea’s financial monitoring service explained that it would oversee the South Korean cryptocurrency market.
- In addition to increased regulation, officials have expressed concern about South Korea’s “kimchi premium” as crypto assets have seen higher Korean won fiat values against the global exchange rate.
- Friday morning at 11 a.m. (EDT) the price of bitcoin (BTC) traded his hands for $ 33,529 per unit. However, during the same period on Bithumb, the price of BTC is $ 1,140 more than the world average at $ 34,669.
- At the time of writing, Bithumb has a global trade volume of over $ 1 billion, or 31,499 BTC in the last 24 hours.
What do you think about the fact that Bithumb prevents employees from trading bitcoin? Let us know what you think of this topic in the comments section below.
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