South Korea’s Fair Trade Commission (FTC) has issued a mandate to a number of domestic cryptocurrency exchanges to revise their user agreements, CoinDesk reported.
The order is directed towards 12 of the country’s crypto exchanges including Bithumb, BTC Korea, Korbit and Coinone, among others.
Local media outlet Yonhap reported that the regulator has ordered these exchanges to revise their adhesion contracts, which do not provide adequate protection to consumers at the moment.
The FTC said that the existing guidelines put users at a disadvantage by unfairly barring them from withdrawing their deposits and even forcing them to bear all financial losses when they end their membership.
“Recently , there have been a lot of complaints and complaints by the users of the handling center due to the broad disclaimer and the deposit and withdrawal restriction clause in terms of the terms of use of the virtual currency handling center,” the FTC said (loosely translated).
Earlier this year, the South Korean government banned anonymous cryptocurrency trading in the country. More recently, reports suggested that the South Korean Ministry of Strategy and Finance (MOSF) is planning to announce a framework on cryptocurrency taxation by the end of June 2018.
Furthermore, Seoul is planning its own cryptocurrency “S-Coin,” Mayor Park Won-soon told CoinDesk Korea in a recent interview. The cryptocurrency is intended to be used in city-funded social benefit programs.
