South Korean exchange Korbit to monitor accounts of employees, family members

Korbit exchange announced plans to monitor the accounts of its employees and their family members in a bid to improve internal control standards, according to local media reports.

News 1 Korea reported the announcement and said that the additional monitoring of family members was not mandatory in the country for now.

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Korbit CEO Oh Se-Jin said the extensive monitoring is part of efforts to bring the exchange’s internal control standards to the level of traditional finance, according to the report.

Executives and employees of crypto exchanges are legally prohibited from trading on the exchange they work for based on South Korea’s Enforcement Decree of the Specified Financial Information Special Act.

In compliance with the Act, Korbit said it will restrict its employees from trading on the platform and that provisions have been made to control the accounts of employees’ families as well.

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