Korbit, a famous Bitcoin and altcoin exchange, was known for providing a high level of “internal control” by monitoring the movements of its employees. However, now the stock market seems to have deepened this measure. Here are the details…
Bitcoin exchange no longer only monitors employee accounts
Crypto exchange Korbit, which not only monitors its employees, recently decided to take control of their families’ accounts. On January 16, Korbit announced that it is monitoring the accounts of employees’ families to strengthen internal control. According to a financial law, virtual asset exchange employees are not allowed to trade on the platform they work on. However, the law is not mandatory for the employee’s family. Despite this, Korbit decided to check the accounts of family members of employees, including siblings, to strengthen internal control.
In other words, Korbit employees are required to provide account statements of family members to the stock market. In addition, Korbit prohibits unfair trading practices and conflicts of interest. In this direction, the stock market has revised its ethical rules and the employees have taken a commitment to comply with it. Korbit CEO Oh Se-jin said:
Employee home account monitoring is part of an effort to raise internal control standards to the traditional financial industry level. We will take the lead in implementing the exchange’s inherent social responsibility to protect investors and create a healthy virtual asset investment culture.
Korbit, leader in South Korea
Korbit is among the top 5 leading and long-standing cryptocurrency exchanges in the South Korean market, along with Upbit, Coinone, Bithumb, and Gopax. While Bithumb is being investigated by the national tax authority NTS for tax evasion, Gopax is said to be negotiating to “overhaul” Binance. Upbit Exchange recently announced a sponsorship deal for Italian football club Napoli.
The exchange announced its proof of reserve
As we reported on Kriptokoin.com, Korbit was the first exchange in South Korea to disclose proof of reserve. Korbit users and visitors will be able to see a side-by-side comparison of the amount of tokens the exchange holds and the amount of customer deposits of a particular cryptocurrency. Korbit also shares a list of wallet addresses with BTC, Ether, and XRP, allowing users to check their trading history on the exchange.
The exchange said that Korbit’s proof of reserve will be updated daily. The exchange also said on its website that customer deposits are stored separately from operational funds at Korbit’s partner Shinhan Bank, which provides users with real-name deposit and withdrawal accounts under local anti-money laundering regulations. In the wake of the reports of the FTX crisis, several global exchanges such as Binance and Kraken have revealed their proof of reserve.
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