Korbit’s Strengthen Account Monitoring, Report Request From Employees’ Family Accounts

Key Points:

• Korbit made the decision to keep an eye on both the employees’ and their families’ accounts in addition to the employees themselves.
• The company made the voluntary decision to exercise internal control over employee families’ accounts, including those of brothers and sisters.
• Family members of the company executives and staff will now be required to report their accounts to Korbit.

Korbit, a South Korean crypto exchange, decided to monitor not only the employees but also the Korbit accounts of the employees and their families, according to the news site News1 Korea.

On January 16, Korbit announced that it would also monitor the exchange accounts of executives and employees’ families to strengthen internal control standards.

Oh Se-jin, CEO of Korbit, said:

“The implementation of monitoring the family accounts of our employees is part of our efforts to raise Korbit’s internal control standards to the level of traditional financial institutions.”

According to the Enforcement Decree of the Specified Financial Information Act (Special Act), executives and employees of virtual asset exchanges cannot trade virtual assets on the exchange they are working for. However, the law does not apply to the family members of executives and employees.

In response, Korbit decided to control the accounts of employees’ families, including brothers and sisters, to strengthen internal control, even though it is not mandatory. In the future, family members of the company executives and employees must report their accounts to Korbit.

In addition, the exchange has strengthened overall internal control standards, such as the prohibition of unfair trade and conflicts of interest. Reflecting on this, the Code of Ethics was revised, and employees pledged to abide by it.

Previously, Dunamu, the South Korean company that runs the Upbit exchange, also prohibited family members of its executives and employees from trading cryptocurrencies in August.

The measure, according to the company, is being implemented as part of an effort to promote ethical management in the crypto industry. To fulfill its social responsibility, Dunamu expanded the ban to include the families of its executives and employees, which was previously limited to its staff and employees.

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Harold

Coincu News