7 exchanges obtain Korean security certification, 14 others vulnerable to attacks

11 Jan, 2019
by Jelmer van der Dussen
7 exchanges obtain Korean security certification, 14 others vulnerable to attacks

Seven South Korean cryptocurrency exchanges have passed the government security audit. Fourteen other exchanges failed to come up with a security policy that passed the test.

Among the exchanges that passed the audit are Bithumb, Upbit, Huobi Korea and Coinone. Other exchanges that satisfied the investigators were Gopax, Korbit and Hanbitco. The names of the fourteen exchanges that didn't pass the security audit were not named by the South Korean government, but the investigators did say that these exchanges are 'vulnerable to hacking attacks at all times because of poor security', Coindesk Korea reports.

Read more: Strong institutional interest in crypto in South Korea: 'New use cases will help'

In a comment to Korean news outlet etnews, a Bithumb representative said that 'We are going to continue to establish the industry’s best security system that can be safe and trustworthy and we are going to become a global business that will lead cryptocurrency exchange market by establishing a safe and trustworthy cryptocurrency exchange.'

The seven exchanges that passed the audit obtained ISMS certification (Information Security Management System), the highest certification in South Korea in that field. Exchanges that earn more than 10 billion KRW (close to $9 million) and have more than 1 million visitors daily in the last 3 months, need to obtain the ISMS certification, according to etnews. 

Read more: South Korea to make Gwangju city 'International Crypto Valley District'

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