Korean FTC to Order 12 Exchanges to Revise User Contract

Exchanges will have to review their users' agreements and make changes to them
05 April 2018   863

The Fair Trade Commission of the Republic of Korea (FTC) has obliged 12 local crypto exchanges to terminate contracts with customers that users agreed during registration at trading sides. This is reported by Yonhap.

According to representatives of the FTC, the so-called merger agreements, in which the weak party either agrees to all conditions, or refuses to cooperate, may have a negative impact on the safety of users. Such contracts are often concluded with leasing, insurance, mortgages, etc., but they do not provide the necessary protection for clients of crypto-exchange trading platforms.

In particular, existing contracts restrict customers in withdrawing funds from deposits. In addition, methods that use exchanges, forcing users to incur financial losses at the time of the end of cooperation with the exchange.

Thus, the trading platforms will have to revise their user agreements and in make changes in it.

In March, South Korean regulators announced an audit of the activities of banks working with crypto exchanges.

Most Crypto-Optimists Live in Norway, Bitflyer Study

According to bitFlyer's poll on future of crypto, europeans believes cryptocurrency has future
24 April 2019   107

Most Europeans believe that in ten years digital currencies will continue to be in demand, but they do not have the same confidence about Bitcoin. This is reported by Cryptonews, citing a study of the bitFlyer.

10 thousand people from ten European countries took part in the online survey. Of these, 63% believe in a “bright future” cryptocurrency. However, not all Europeans are confident in the future of Bitcoin - only 55% believe that the first cryptocurrency will exist in ten years.

It is also noteworthy that, despite the fall in prices of most cryptocurrencies that lasted for almost a year, the majority of respondents positively assessed the prospects for the development of the market.

Most of the “crypto-optimists” turned out to live in Norway - 73% of the inhabitants of this Scandinavian country are convinced that a decade later, digital currencies will still be in society. This is followed by Italy (68%), the Netherlands and Poland close the top four (67% each).

The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time
The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time

But the exact form of cryptocurrency will exist, almost no one knows. Only 8% believe that they will become money, and 7% - a tool for investment or a means of preserving value.

The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.

Andy Bryant

COO, bitFlyer Europe

He also added that the study demonstrated how much remains to be done to increase public awareness of the benefits and opportunities of cryptocurrencies.