South Korean Regulator Fines Crypto Exchanges over Privacy Failures

The South Korea government has today issued fines totaling 141 million won to domestic cryptocurrency exchanges for providing insufficient user data protection. The announcement details that critical violations include some exchanges failing to delete users' data even when they had stopped using the service for over a year, and some others storing users' data outside of the country. The regulator said it will draw up and implement plans pertaining to managing cryptocurrency wallets, private keys and cryptocurrency transactions to serve as administrative guidance for exchanges. While the amount of the individual fines may not be significant, the move arrives just a day after the country's financial watchdog set a date for the formal cessation of anonymous cryptocurrency trading, yet another signal of the effort underway by the country's authorities to increase regulation of cryptocurrency exchanges.
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