South Korean Regulator: 12 Crypto Exchanges To Ensure Contracts Are Consumer Friendly
The Fair Trade Commission (FTC) based in South Korea was involved in informing a total of 12 crypto exchanges to change their adhesion contracts. These refer to the various contacts which have been created by an entity and contains the terms and conditions which are non-negotiable especially when it comes to the customer. This is due to the lack of customer protection. This information s according to a report by Yonhap News which is a local news outlet.
Therefore, the FTC reported that the current contracts form does not give the users the permission to withdraw the deposits, it also limits the services by users and also has a huge financial burden on the users upon ending their membership with this crypto exchange.
South Korea is considered the world’s biggest cryptocurrency market which comes after Japan and the US. Therefore, it has been in the implementation of various crypto regulations from the previous fall. This included also ending of the anonymous crypto trading and also was involved in the ban of government officials from trading and also holding cryptocurrencies.
According to an announcement in end of March, the South Korea based regulators said that they would be involved in a release of a crypto tax framework before June.