ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.


24hr ---

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story


Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
Ether Price Analysis
Contact Us

South Korea's FTC Drops In On Cryptocurrency Exchanges




The South Korean Fair Trade Commission is conducting in-person investigations into 13 of the country’s leading cryptocurrency exchanges. Other government bodies are planning to undertake further measures aimed at protecting citizens who trade in digital assets.

According to a press release issued jointly by several South Korean government agencies on December 20, the country's Fair Trade Commission (FTC) has sent representatives on a three-day "field survey" of the country's 13 "major" cryptocurrency exchanges. The investigations, which began the same day, are intended to uncover violations of consumer laws.

The FTC plans to "take action in accordance with relevant laws and regulations" should its searches uncover activity that merits punitive measures.

The document's signatories include the Department of Finance Policy, the Ministry of Science and Technology, the FTC, the VAT Tax Department, and the central bank. It relates that in light of cryptocurrency price fluctuations, the attack on the South Korean exchange Youbit, and that platform's consequent decision to declare bankruptcy, "It is necessary … to be vigilant about virtual currency trading."

Along these lines, the presser announced several measures in addition to the visits. According to the Ministry of Science and Technology, the exchanges Bithumb, Korbit, Coinone, and Upbit (which are among the 13 being investigated) must seek and receive "2018 Information Security Management System Certification," and are urged to enhance their security measures. The certification is required for any company "subject to sales of more than 10 billion won [over $9 million at press time] and average daily visitors of 1 million or more."

Exchanges that are not required to meet this standard will be subject to the Personal Information Management System, an "autonomous certification system that assesses the comprehensive management system of collecting, using and destroying personal information of companies."

The release also notes that the Korean Customs Service will investigate any illegal transfer of funds overseas, and that on December 15, the Ministry of Commerce, Industry and Energy sent a "letter of cooperation" to "local governments and industrial complexes" urging them to crack down on illegal cryptocurrency mining operations. The ministry intends to launch investigations on that front soon.

Finally, the document says that the Financial Supervisory Service (FSS) has "held practical consultations with banks that are planning to provide a service to establish a system for verifying the identity of [cryptocurrency exchange] users." It adds that the FSS and the Financial Services Commission, both of which are signatories, plan to inspect these systems and take measures to ensure their smooth functioning beginning in January 2018.

On December 12, the Korea Communications Commission fined the company operating Bithumb because it had failed to "comply with protective steps, making it vulnerable to hacks and causing leaks of personal data and financial damage."

Adam Reese

Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam holds value in Ether, Bitcoin, and Monero.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest South Korea, FTC or other Ethereum law and legislation news.