Bithumb, a major South Korean cryptocurrency exchange, is moving ahead with restricting trading for its employees by banning its employees from trading on its platform.
According to an official announcement on Friday, Bithumb will do just that ban Its employees are now able to buy or sell cryptocurrency using a Bithumb account as of this month.
The company said the restriction is aimed at strengthening internal regulations and improving the transparency of transactions on the Bithumb exchange. As part of the measure, employees have already sent written statements regarding withdrawals from the account last month. In addition, the exchange will implement a permanent monitoring system including self-review and an internal reporting system, the announcement indicates.
The latest initiative comes on the heels of a series of employee related restrictions on Bithumb, including a ban on trading during working hours and others. Bithumb noted that the company has also implemented a number of employee-related measures to prevent data leaks, unfair trading practices and market manipulation for years.
A Bithumb spokesperson denied providing additional information on the matter to Cointelegraph.
The news comes as South Korea continues to toughen its stance on regulating domestic crypto businesses, increasing the scope of supervision over the country’s crypto exchange market.
South Korean government Select the last day to complete the work For cryptocurrency exchanges to register with local financial authorities until September 2021. In March, FSC Amending financial reporting rules, which requires cryptocurrency exchanges to submit regular transaction reports with the Financial Intelligence Unit as well as to set up real-name accounts at Korean banks.
According to local reports, the smaller South Korean exchanges were Consider suing the government for its alleged failure to take responsibility for excessive regulatory pressure.