Eight South Korean Exchanges Fined $130k

Korbit, Coinone, Upbit, Coinplug, RippleForYou, Coinpia and other were fined for poor security standards 
24 January 2018   558

Korbit, Coinone, Upbit, Coinplug, RippleForYou, Coinpia and other received fines from the South Korea Communications Commission (KCSC) ranging in size from $ 10,000 to $ 100,000. In total, fines were issued to eight crypto-exchanges for a total of 140 million won ($ 131600). This is reported by CCN.

The reason was weak security systems that violate the rights of users and put their personal data at risk.

While daily trading volumes and the number of users of cryptocurrency exchanges are increasing exponentially, local trading platforms have implemented extremely poor security measures. Basic measures including access control device installation and operation, storage of user passwords, and protection of users were integrated poorly.

South Korea Communications Commission 

Out of the 10 cryptocurrency exchanges that were investigated by the five Korean ministries, eight were found to be in violation of the Information and Communication Network Act, and to have implemented poor security measures.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   110

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.