The South Korean government published the results of its review of the safety of cryptocurrency exchanges. Only seven of them passed the test for all 85 checkpoints. Fourteen previously checked exchanges has not improved its safety features, and 17 first studied sites are unable to meet the security criteria of the government.
According to local media reports, the Ministry of science and information technology of South Korea on Thursday announced the results of checking the security of cryptocurrency exchanges. In cooperation with the Korean Agency for Internet and security (KISA) Ministry conducted a review of 38 stock exchanges in the period from September to December last year. 21 the platform was tested in the period from January to March of last year, and 17 exchanges passed the audit for the first time.
After a previous check 21 exchange recommendations were made to improve certain safety measures. Since then, seven of them made the necessary improvements and have completed all the 85 items on the checklist inspectors. Edition Money Today clarifies that these items “include parameters such as system security, administrative security, network separation, account management and managing virtual wallet currency.”
Test passed exchange Upbit, Bithumb, Gopax, Korbit, Coinone, Hanbitco and Huobi Korea. Newsprime the newspaper quoted officials of the Ministry of science, who said:
“The majority of the studied exchanges has a weak security system, with the exception of seven exchanges which meet all of the 85 items on the test.”
Most cryptocurrency exchanges did not meet basic safety standards. Representatives of the government told reporters that 14 previously studied exchanges has not made the necessary improvements. Check these sites showed that they still need to improve an average of 51 security because they “can be exposed to hacker attacks at any time”. As for 17 first authenticated exchanges, their “overall level of security was weak”. Newsprime says:
“Having studied the 85 points of the basic security requirements for checked 17 first exchanges, it was confirmed that the level of security of these exchanges was generally weak due to the mismatch between an average of 51 item security. In particular, it was confirmed that the majority of dealers have a low level of security against network partition and access control”.
The Ministry stated that it will continue to analyze and verify the cryptocurrency exchanges for issues with security, paying special attention to protecting investors from the consequences of hacker attacks.
At the end of December it became known that in South Korea we consider six bills on the regulation of cryptocurrencies. One of them is aimed at protecting the rights of the holders of the cryptocurrency, and to ensure the safety and security of cryptocurrency transactions.
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