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S Korean IT Expert Calls for ‘Urgent’ Exchange Regulations

Exchange

Regulation

South Korea

Last updated: June 26, 2023 06:53 EDT

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Tim Alper

Author

Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 26, 2023 06:53 EDT

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Oh Jung-geun, the chairman of the influential Korea Finance ICT Convergence Association, has urged the South Korean government to regulate the country’s cryptocurrency exchanges.

Media outlet Hanguk Ilbo says that experts agree that government measures are “urgently needed to increase transaction transparency.”

The outlet also quotes Oh as saying, “For the protection of investors, the government should force exchanges to apply for operating licenses, only allow transactions on licensed exchanges and set some clear guidelines regarding listings and fees.”

Oh’s comments come in the wake of a major controversy surrounding one of South Korea’s biggest exchanges, Bithumb. The exchange yesterday aborted plans to list Popchain, an altcoin created only a few weeks ago, after angry investors petitioned the government to intervene. Investors have accused Popchain of being a monopoly – and have accused Bithumb of attempting to manipulate the country’s crypto markets.

This year has been particularly turbulent for South Korean exchanges, with Bithumb’s major rival, Upbit, still under investigation by the country’s prosecution service for suspected financial irregularities.

The CEOs of two smaller rivals, including Coinnnest, are awaiting trial after having been charged with “fraud and embezzlement.”