The Largest Korean Crypto Exchange Bithumb Bans Its Staff from Trading on Its Platform

Bithumb, the largest South Korean cryptocurrency exchange, has banned its staffs from trading cryptocurrencies on its platform. 

According to the announcement, Bithumb already asked all its employees, including the executives, to withdraw their funds from the accounts before the end of June. Maybe the move is to comply with the upcoming law in Korea, which mandates local crypto exchanges to prohibit employees from trading on their own platforms.

“From this month on, we will strictly manage whether or not employees comply with the regulations through continuous monitoring, self-audit, and internal system operation,” said Bithumb, which means none in the company should hold funds on Bithumb starting July.

“On the other hand, Bithumb is continuously strengthening compliance management and internal control by providing training to acquire the ‘International Standard Compliance Management System (ISO 37301)’ certification,” the company added.

Given the law is imminent, other Korean crypto exchanges, such as Upbit and Korbit, could follow Bithumb's move. The law also requires local crypto exchanges to partner with local banks to open real-name bank accounts for customers by September 24.