South Korean exchange Korbit to monitor accounts of employees, family members

Corbitt Exchange has announced plans to monitor accounts of employees and their families to improve internal control standards, according to local media. report.

News 1 South Korea covered the announcement, saying additional surveillance of family members is not currently mandated in South Korea.

According to the report, Korbit CEO Oh Se-Jin said the extensive oversight is part of efforts to raise the exchange’s internal control standards to those of traditional finance.

Executives and employees of cryptocurrency exchanges are legally prohibited from trading on the exchanges where they work based on South Korean law enforcement regulations. Special Act on Specific Financial Information.

According to the law, Corbitt said it has provisions to restrict employees from trading on its platform and also to manage the accounts of employees’ family members.

South Korean exchange Corbit’s post for monitoring employee accounts, the family first appeared on CryptoSlate.

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