Korea’s largest cryptocurrency exchange, Korbit, has been fined over $1 million for violating a data protection law, and is facing a separate investigation over “the over-collection of customer data.” The National Information Society Agency (NIS), which is responsible for data protection and cybersecurity in South Korea, said Korbit collected and stored the personal information of its customers without the consent of those customers, and failed to delete those data when they were no longer needed. The agency said Korbit collected and stored the personal information of its customers without the consent of those customers, and failed to delete those data when they were no longer needed.
South Korean regulators have fined the country’s top two bitcoin exchanges, Bithumb and Coinlink, for collecting excessive amounts of data from customers. The South Korean Communications Commission said the two exchanges had violated the law by collecting personal data without customers’ consent, according to Reuters.
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News from the Exchange
Korbit, a South Korean cryptocurrency exchange, has been fined. For amassing an excessive amount of personal information from anywhere near one of its customers. According to the Yonhap news agency, an administration monitor penalized the exchange little over USD 4,000. For seeking a picture of a customer’s public ID card from a client who had attempted to create a dormant account on its site.
The case was taken before the Personal Information Protection Committee, which convened for an extended period of time to make a decision on the matter. It needed proof of a personal ID, according to Korbit. Voice phishing techniques, for example, are used to prevent financial wrongdoings. Following the activation of inactive accounts, account customers may begin trading immediately.
The committee, in any event, determined that the client should be referred to. Korbit’s other major three crypto trading rivals (Coinone, Bithumb, and Upbit) do not need photo ID to open such accounts, according to the company.
On this case, the tribunal concluded that mobile phone verification would enough. The transaction was found to be in violation of the principle of collecting the least amount of personal information possible. The Personal Information Protection Act, which was passed last year, makes this plain.
Korbit’s Future Plans
In the meanwhile, Korbit has started selling non-fungible tokens (NFTs). It’s for a popular South Korean drama series. Korbit has partnered with the production company Studio Dragon, according to EDaily. Song Joong-ki stars in the mafia drama Vincenzo, which was created by him. It was first shown on the cable network tvN in the beginning of this year.
On July 21, the group will offer 100 limited edition official pieces of artwork based on the exhibition on a first-come, first-served basis. Korbit said that it plans to develop additional NFT items for other well-known programs produced by Studio Dragon.
The group also showed one of the items it plans to offer – an NFT with a noteworthy lighter used by the show’s main and minor characters, which was also delivered by Netflix’s streaming juggernaut.
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