Korbit cryptocurrency exchange fined for collecting excessive customer data

South Korean cryptocurrency exchange Korbit has been fined for excessive customer data collection, according to Yonhap news agency. The government watchdog fined more than $ 4,000 after a customer tried to activate an inactive account on their platform to upload a photo of their ID.

Korbit cryptocurrency exchange fined for excessive collection of customer data

The case will be dealt with before the Personal Data Protection Committee meets in plenary to take a decision on the case. Korbit argues that photo identification is required to prevent financial crimes like voice fraud, adding that account users can start trading immediately after activating an inactive account.

But the committee ruled in favor of the user in question, claiming that none of Korbit’s “Big Four” ‘other crypto exchange rivals (Upbit, Bithumb and Coinone) required identification to activate such accounts.

The Commission decided that the verification of the mobile phone is sufficient in this case and that the exchange violates the “Principle of minimum collection of personal data” adopted last year under the Personal Data Protection Act.

Meanwhile, Korbit has also started selling non-fungible tokens (NFTs) for a successful Korean drama. According to EDaily, Korbit signed a collaboration agreement with the production company Studio Dragon, creator of the TV series Vincenzo, a mafia-themed drama starring Song Joong-ki, which aired on cable TVN earlier this year.

The deal calls for the company to sell 100 official limited-edition artworks based on the show on July 21 on a first-come, first-served basis.

Korbit announced that it will create more NFT articles for “other popular TV series”, which are also produced by Studio Dragon.

The company also showcased one of the items it plans to sell – an NFT with an iconic lighter used by the main character and the main character in the film, and also sold by the giant. Netflix streaming.

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