Cryptocurrency exchanges fined for lousy security

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Cryptocurrency exchanges fined for lousy security

The country’s media regulation agency slapped eight cryptocurrency exchanges with a combined fine of 141 million won ($132,540) on Wednesday for having lax security systems.

Korea Communications Commission said that the exchanges - including Dunamu, Korbit and Coinone - are found to have violated the information communications network act. The operators failed to install a security system to prevent any identification theft, the regulator said.

Meanwhile, the financial authority announced that it will allow banks to issue new accounts for cryptocurrency trading starting Jan. 30 if they adopt a new real-name identification system. From Jan. 30, users of old virtual accounts will be required to register with the new system to continue trading.

By Park Eun-jee
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