South Korea’s regulator reportedly orders 12 cryptocurrency exchanges to revise customer contracts

South Korea’s corporate watchdog has reportedly ordered a dozen domestic cryptocurrency exchanges to revise their adhesion contracts to provide better protection to consumers.

South Korea’s Fair Trade Commission (FTC) has demanded 12 cryptocurrency exchanges to fundamentally tear up their existing adhesion contracts that customers are mandated to sign while registering with the exchange operators.

According to the FTC, existing guidelines unfairly bar users from withdrawing their deposits, or limit their services to users, and force users to shoulder all financial losses when they secede from membership.

 


Write: Sara Bauer


 

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