The South Korean government has released the results of its security inspection of cryptocurrency exchanges. Only seven of them passed all 85 of the inspection points. Fourteen previously-inspected exchanges still have not improved and 17 new crypto exchanges did not meet security standards.
Only Seven Exchanges Passed
South Korea’s Ministry of Science and ICT announced the results of its security inspection of cryptocurrency exchanges on Thursday, according to local media.
In collaboration with the Korea Internet and Security Agency (KISA), the ministry inspected a total of 38 exchanges between September and December last year. Twenty-one of them were previously inspected between January and March last year while 17 exchanges were inspected for the first time.
Following the previous inspection, recommendations were given to the 21 exchanges to improve certain security measures. Seven of them have since made the necessary improvements and met all 85 items on the inspectors’ checklist. The 85 items checked “include system security such as administrative security, network separation and account management … and virtual currency wallet management,” Money Today elaborated.
The seven exchanges that passed the inspection are Upbit, Bithumb, Gopax, Korbit, Coinone, Hanbitco, and Huobi Korea. An official of the Ministry of Science and ICT was quoted by Newsprime as saying:
Most of them have weak security except for the seven facilities that satisfy all 85 inspection items.
Most Exchanges Need to Improve
Most of the cryptocurrency exchanges inspected did not meet basic security standards. The 14 previously-inspected exchanges have not made the required improvements, government officials told reporters.