South Korean exchanges fined for non-compliance with the standards of data storage of users

The South Korean government imposed fines worth 141 million won ($ 130,000) on functioning crypto-exchange exchanges due to an inadequate level of protection of user data.

The Korean Liaison Commission (KCC) announced that fines were imposed based on the results of an investigation conducted from 10 October to 28 December 2017 at 10 crypto-exchange exchanges. KCC deals with the regulation of the broadcasting and communication sector, and is also responsible for protecting the information of Korean citizens.
It is reported that, in the case of eight companies out of ten, there were violations of the Information and Communication Networks Act, which sets standards for protecting the privacy of users.

Among the fined crypto-exchange exchanges are Upbit, Ripple4y, Coinpia, Youbit, Korbit, Coinone and Coinplug, as well as Eyalabs - a crypto-currency purse. Individual fines range from $ 9,000 to $ 14,000.

Among the violations: the preservation for many years of these users, even after the latter stopped using the company's services. At the same time, some companies stored user data outside of Korea.