Korean exchange Korbit will monitor employees’ family’ accounts to avoid improper transactions
Not only monitoring its employees, crypto exchange Korbit recently decided to take control of their family’s accounts.
Korbit monitors the accounts of employees’ family
On January 16, Korbit announced monitoring the accounts of employees’ families to strengthen internal control.
On the 16th, the Korean exchange Korbit announced that it will monitor the Korbit accounts of executives and employees’ family members to strengthen internal control standards and avoid improper transactions and conflicts of interest. https://t.co/4pSNLe9YJq
— Wu Blockchain (@WuBlockchain) January 16, 2023
According to a Financial Act, employees of virtual asset exchanges are not allowed to trade on the platform they are working for. However, the law is not mandatory for the employee’s family.
Despite this, Korbit still decided to control the accounts of employees’ family members, including siblings, to strengthen internal control. In the future, family members of Korbit employees must make account statements to the exchange.
In addition, Korbit prohibits unfair trade practices and conflicts of interest. The exchange has revised its code of ethics, and employees have also received a commitment to comply with this.
Korbit CEO Oh Se-jin said: “Implementing employee home account monitoring is part of an effort to elevate internal control standards to the level of the traditional financial sector. We will take the lead in implementing the exchange’s inherent social responsibility of protecting investors and creating a healthy virtual asset investment culture.”
Korbit is among the top 5 leading and long-standing cryptocurrency exchanges in the Korean market, along with Upbit, Coinone, Bithumb, and Gopax. While Bithumb is being investigated by the national tax agency NTS for tax evasion, Gopax is said to be negotiating “to hand” Binance. Upbit Exchange recently announced a sponsorship agreement for the Italian football club Napoli.
Read more:
- Wyre Said Each Customer Can Withdraw Only 90% Of Their Account Funds
- Huobi Would Lay Off 20% Of Its Employees