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South Korea’s regulator, the KCC (Korea Communications Commission) is fining two crypto exchanges — Coinlink and OKCoin — for privacy and data laws violation, as reported by a local news outlet. Both exchanges are penalized for failing to maintain their users’ data logs, which is mandatory according to Korean laws. The exchanges were found to be guilty of data violation after the KCC conducted a check on five exchanges in answer to the US’ FCC.
Furthermore, OKCoin is also being penalized for overly-complicated account closure process. The KCC has uncovered that opening an OKCoin account is easy and straightforward while closing it much more complicated.
OKCoin is under the same management as another cryptocurrency exchange, OKEx, which is headquartered in Malta. Both exchanges have the same Chief Risk Officer, Tim Byun, who was interviewed by CryptoPotato in October 2015. During the interview, Byun talked about ETFs, regulations, liquidation, and more.
He also explained his role as the CRO, stating that:
My primary role is to ensure that we are abiding by rules and regulations. For OKEX, which is our token-to-token only platform, it’s exciting because different countries have different rules for token-to-token only platforms. This is separate and distinct from our other business line which is called OKCoin and is a FIAT to the token platform.
OKEx suspends NEO-based transactions due to wallet upgrade
While OKCoin struggles to adjust its practices with Korean laws, OKEx has announced that it will temporarily suspend all transactions regarding NEO, GAS, and AVA. The reason behind the decision is a new wallet upgrade which affects all three projects.
GAS and AVA are both blockchain platforms that were created on NEO’s blockchain. Also, NEO blockchain recently had what some may consider a fork, although it was instead a flaw in the project’s block explorers.
Even so, the project has confirmed that the chain has not suffered any damage and that the recent activity did not endanger the blockchain users’ funds.