South Korean Fair Trade Commission deems 12 crypto exchange contracts unfair

Local sources cited by the regional press outlets of South Korea tell that twelve cryptocurrency exchanges had previously signed unfair contracts with their clients. The South Korean governmental body responsible for market unfairness detection is the Fair Trade Commission.

The reason why are the terms of contracts are unfair are quite compelling: the FTC claims that 12 exchanges have to stop prohibiting funds withdrawal and get the organizations to work in such a way that when a user wants to quit, he doesn’t lose much money.

Unlike traditional financial and stock exchanges, cryptocurrency exchanges are too new for the authorities, they often lack corresponding legislation and this opens up a possibility to set contract terms unimaginable in the world of classic finance.

This is not the first time the authorities of South Korea are voicing concerns over the local crypto market which is at the press time is one of the most vibrant ones on the planet. It is already mandatory for South Korean exchanges to identify the users properly as part of the anti-money laundering (AML) policy.

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