South Korean crypto exchanges warned over treatment of customers

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The Korea Fair Trade Commission has advised eight cryptocurrency exchanges to changes terms and conditions in their user agreements that it deems unfair to customers.

Fast facts

• The commission discovered 15 types of terms and conditions that it said were unfavorable to customers. One condition stipulated that balances of less than a minimum withdrawal amount would not be returned to users. Another said the exchange could restrict users who engage in an “excessive” number of monthly transactions, without defining “excessive.”  

• The KFTC targeted 16 exchanges. Eight — Upbit, Bithumb, Korbit, CoinOne, Streami, Probit, Huobi Korea and Hanbitco — have been advised to make corrections, while the remaining eight are still being examined.

• If they do not follow the recommendations, the KFTC may issue a mandatory correction order. If a correction order is not followed, the KFTC may report the business to prosecutors.

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