South Korean Exchanges Fined for Privacy Issues

South Korean Exchanges Fined for Privacy Issues

A fine totalling to 141 million won ($130,000) was handed down by the South Korean government to eight companies, namely Upbit, Ripple4y, Coinpia, Youbit, Korbit, Coinone and Coinplug, as well as cryptocurrency wallet service Eyalabs for not providing sufficient data protection for its users.

The investigation, which was conducted by the Korea Communications Commission (KCC), found the eight companies to be in violation of the Information and Communication Network Act which mandates user privacy protection methods.  

Some of the exchanges were found to have kept user data even when they had stopped using the service for over a year, and some others had stored user data outside the country.

Source: CoinDesk

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