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Bithumb Bans Employees From Making Internal Transactions

Bithumb Bans Employees From Making Internal Transactions
  • Bithumb is banning its employees from making transactions on the platform.
  • The employees took an oath and withdrew their accounts on the exchange.
  • This was a necessary step to meet the demands of the Special Act.

Bithumb — the South Korean crypto exchange, is banning all its employees from using the platform. This move will strengthen internal regulations.

Specifically, the move was seen as necessary. Bithumb saw the need to carry out this step in order to meet the insider trading ban set by the Special Act.

In detail, this took place on July 2, 2021. The platform says that starting this month, all Bithumb trading accounts held by employees for investment purposes will be fully banned.

To carry out this measure, the company set forth to collect oaths from its employees. More so, the employees agreed and began their account withdrawal process.

Thus, the platform promises to strictly monitor its activities with regard to the rules. Moreover, it strives to do so with constant monitoring, self-audits, and running an internal reporting system.

Last month, the Financial Intelligence Unit (FIU) just revised the Special Act. In particular, the Act prevents stakeholders and insiders of crypto exchanges from using the exchange. So, Bithumb took steps to meet the rules of this Act.

At first, the brand was only restricting its employee’s transactions. For instance, Bithumb employees could not transact during work hours. Also, they couldn’t transact within the first 72 hours of any asset listing.

However, after the Special Act revision, the platform has decided to fully ban all its employees from using the platform. To add on, a Bithumb agent says,

“We will ban all transactions using the cryptocurrency exchange (virtual asset operator) to which our employees belong.”

All in all, this is good news. Recently, South Korea has been on a mission to regulate crypto exchanges within the nation. During this time, many local crypto exchanges feared they may shut down for good. Hence, it is good to see that the active South Korean crypto exchange — Bithumb, is taking steps to meet the nation’s regulations while also putting its users’ best interests first.

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