Is Cryptocurrency exchange regulations good or bad ? SK fined $130k for poor security
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Cryptocurrency is volatile and there is a lot of risks involved. High risk and High return. The risk is, even more, greater if you store your coin in the exchange. We know about Mt. Gox. Once it was the largest bitcoin exchange, Handling over 70% of all bitcoin transactions worldwide. Unfortunately, 850,000 bitcoins were stolen from this exchange
Recently, A South Korean exchange, Youbit , goes out of business due to hack. It was hacked twice. As a result, This exchange filed for brankraftcy. In April 2017, It was hacked and lost 4000 bitcoin. Again it was hacked at the end of the last year and lost 17% of its assets.
It is better to have a regulated and secured cryptocurrency exchanges. At the end of the day, simple security mistakes cost us a lot. The more we see the growth of cryptocurrency the more we will see the security risks.
Today, South Korean regulators fined $130 k for poor security standards. 8 major cryptocurrency exchanges were fined.
- Korbit
- Coinone
- Upbit
- Coinplug
- RippleForYou
- and Coinpia
All of them are established crypto exchanges. It was fined by South Korea Communications Commission
What are your opinions on cryptocurrency exchange fine for poor security standards? Please let us know your comments below.
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I agree ..
Exchanges need to be safer! When I try to promote crypto to my friends in IT that's the first thing they say to me. One day your coins are there and the next everything is gone. That is not a good reputation and keeps a lot of people out of the market.
Yes, we have seen this before. People are losing their cryptos due to hack. Security is very important for the exchanges.
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I think regulation will only make cryptocurrencies better, stronger and fairer.
Regulations are safeguards that will help to protect users from loss, fraud and promote fair practice.
If you don't want to pay tax's then live somewhere that has no sewers, roads, schools, etc.
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yes, some sort of regulations is good for investors
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Regulation or compliance doesn't necessarily mean security. That's a huge misconception.
Most of the hacks I've read on are related to implementation issues.
Another point to notice here is that if exchanges were regulated, how would you trust the regulators are doing their work properly?
It would require all exchanges to be open source, and at that point everyone would have their own exchange trying to earn fees from others.
Then we should go for decentralized exchange. Nobody is in charge.
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