Bithumb Restricts Trading For Its Former Employees.

Bithumb Restricts Trading For Its Former Employees.

2021-07-02 | Big Bob

Bithumb Restricts Trading For Its Former Employees.

Leading South Korean cryptocurrency exchange, Bithumb is moving forward with trading restrictions for its employees by banning its staff from trading on its platform. In line with an official announcement, Bithumb will completely ban its employees from purchasing or selling cryptocurrencies employing a Bithumb account starting this month. The restriction intends to strengthen internal regulations and improve transaction transparency on Bithumb exchange, the firm added. As a part of the measure, staff members already sent written statements regarding account withdrawals last month. Moreover, the exchange will implement a permanent monitoring system along with self-audits and an indoor reporting system, the announcement outlined. The latest initiative follows a series of related staff restrictions on Bithumb, along with a ban on trading within working hours. Bithumb added that the firm has also implemented a variety of staff-related measures to stop data leaks, unfair trade practices, and market manipulation years ago. A representative for Bithumb denied offering additional information on the announcement. The news comes amid South Korea continuing to toughen its stance on regulating native cryptocurrency-related businesses, increasing the scope of oversight over the nation’s crypto exchange market. The South Korean government set a deadline for crypto exchanges to register with the native financial authorities until September 2021. Earlier in March, the FSC amended its financial reporting rules, requiring crypto exchanges to submit regular transactions reports with the Financial Intelligence Unit along with real-name accounts at Korean banks.

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