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Bithumb Pledges to Respect Gov’t Security Guidelines

Bithumb Pledges to Respect Gov’t Security Guidelines 101
Source: iStock/gorodenkoff

South Korean exchange platform Bithumb has announced it will ensure its security complies with government guidelines, and says it will also restrict anonymous trading.

The company was widely castigated by the country’s crypto community over a now aborted plan to list the Popchain cryptocurrency – and appears to be aiming to restore public faith in its services.

Per the terms of the government’s Financial Supervisory Regulations, at least 5% of the employees of a financial services company should comprise IT specialists, of whom a minimum of 5% should be security experts. At least 7% of the company’s budget should be devoted to data security.

Bithumb says it currently exceeds these regulations, as 21% of its employees are IT experts, of whom 10% are security specialists – while 8% of the company’s budget is spent on security.

Per media outlet Seoul Shinmun, Bithumb also claimed, “We are currently in the process of acquiring certified security-related certification including an information security management system (ISMS), a Personal Information Management System (PIMS) and the ISO27001 International Information Security Standard."

The company has also announced that it will reduce the amount of money customers who do not use real-name bank-linked accounts can withdraw in Korean won by 10%, in an attempt to fight money-laundering.

Bithumb has also recently announced that it will ban crypto trading in 11 countries, also in an effort to curb money laundering. The list of countries includes Iran, Ethiopia, Iraq, Serbia, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu, Yemen, North Korea, and Syria.

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