South Korean crypto exchange Bithumb bans employees from using platform to trade bitcoin

Bithumb, one of the largest South Korean cryptocurrency exchanges, recently announced its employees are now banned from trading bitcoin on its platform.

In a newsletter, the company’s Chief Executive Officer said the decision to restrict their workers from leveraging the exchange is focused on improving transaction transparency.

“Bithumb trading accounts for investment purposes by employees” would be banned indefinitely, said the announcement made by the company’s management to its workers last month.

As such, Bithumb employees can no longer obtain an internal account on the South Korean crypto exchange. The company will employ measures to monitor individuals who refuse to comply with this new policy.

All about transparency

Bitcoin trading on its platform is not the only thing that is being prohibited by Bithumb on its workforce, as it turns out.

Leaking undisclosed information and participating in unfair trade practices and market price manipulation are also being discouraged in order to ensure transparent operation.

Amid all of these, the crypto exchange platform offered an explanation for its recent regulatory policies directed towards its employees.

“Bithumb is continuously strengthening compliance management and internal control by providing training to acquire the International Standard Compliance Management System certification,” said the management as part of its announcement.

Meeting between exchanges

Bithumb’s announcement comes after the recently concluded closed-door meeting between South Korean regulators and 20 cryptocurrency exchanges.

The meeting was held after the country’s Financial Supervisory Service said it will oversee the nation’s crypto market.

Meanwhile, aside from increased regulations, officials in the country are now concerned about the “kimchi premium” that is starting to become a phenomenon in South Korea, marked by crypto assets having higher fiat values in Won, the nation’s fiat currency, as compared to the global exchange rate.

 

Image courtesy of Cointelegraph News/YouTube

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