South Korean crypto exchange Bithumb bans employees from trading Bitcoin – Exchanges Bitcoin News Exchange

One of the largest South Korean cryptocurrency exchanges in terms of trading volume, Bithumb, has announced that employees will be banned from trading Bitcoin on the exchange platform. The company’s CEO announced the decision in a Bithumb newsletter that focused on improving “transaction transparency”.

Bithumb bans Bitcoin trading for employees – will be monitored for anyone who does not abide by it

  • The cryptocurrency trading platform Bithumb has announced that employees are now prevented from using the exchange. This means that Bithumb employees will no longer be able to obtain an internal account on the South Korean cryptocurrency exchange.
  • Bithumb’s Chief Executive Officer wrote in the newsletter that the move focuses on improving “transaction transparency”. In addition, leakage of undisclosed information and participation in unfair trading practices and market price manipulation are also prohibited in order to “ensure transparent operation”.
  • The South Korean cryptocurrency exchange says that “Bithumb is continuously strengthening compliance management and internal control by offering training courses on how to obtain certification under the International Standard Compliance Management System.”
  • According to the announcement, Bithumb management told employees in June that “Bithumb trading accounts for employee investment purposes” would be frozen indefinitely until July.
  • The announcement explains that Bithumb employees took an oath last month to withdraw and cease using the trading platform. “From this month we will strictly control whether employees are complying with the regulations or not, through continuous monitoring, self-audits and the operation of the internal reporting system.”
  • The employee ban follows the most recent closed-door meeting between South Korean regulators and 20 digital wallets. The meeting came after the South Korean financial regulator stated that it would oversee the South Korean cryptocurrency market.

  • In addition to tightening regulations, officials were concerned about South Korea’s “kimchi premium” as crypto assets in Korean won have higher fiat values ​​compared to the global exchange rate.
  • On Friday morning at 11 a.m. (EDT), the price of Bitcoin (BTC) traded hands for $ 33,529 per unit. However, over the same timeframe, the price of BTC on Bithumb is $ 1,140 above the global average of $ 34,669.
  • At the time of writing, Bithumb has a global trading volume of over $ 1 billion, or 31,499 BTC, in the last 24 hours.

What do you think of Bithumb preventing employees from trading Bitcoin? Let us know what you think on this matter in the comments below.

Tags in this story

Bitcoin, Bitcoin (BTC), Bithumb, Bithumb Employee Ban, Bithumb Employee, Crypto Exchange, Crypto Trading, Digital Currency Exchange, Kimchi Premium, Korean Won, South Korea, South Korean Crypto Exchange

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