Eight South Korean Exchanges Fined $130k

Korbit, Coinone, Upbit, Coinplug, RippleForYou, Coinpia and other were fined for poor security standards 
24 January 2018   448

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.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   39

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.