Coinone, the No.3 Korean crypto exchange, announced that it will work with Xangle to improve transparency and investor protection. Its partnership with CertiK, meanwhile, will focus on code and project data security. 

According to a report by Coindesk, CertiK’s essential features include a layer-based breakdown approach, machine-checkable proof objects, pluggable proof engines, smart marking agreements, and certified DApp libraries. 

South Korean Regulation Prompts Greater Exchange Security, Transparency

Due to heightened concerns of exchange hackings, Korea’s Fair Trade Commission (FTC) has requested a revision in the terms and conditions of use for digital asset exchanges, holding the latter responsible for losses from cryptocurrency hacks. 

The move comes after Bithumb, the second-biggest South Korean exchange, suffered two thefts in a single year, losing more than US$50 million in total. Coinone was also attacked in early 2018, according to reports by South Korean tax authorities. The scale of the damages has drawn greater regulatory attention to crypto exchanges, both in South Korea and internationally. 

At the same time, the intergovernmental Financial Action Task Force (FATF) has published guidelines for crypto exchanges that underline growing unease over the potential for money laundering, putting pressure on exchanges to refine their (Know-Your-Customer) KYC protocols.

Coinone: A Primer on the Third-Leading Korean Crypto Exchange

Coinone is one of the leading cryptocurrency exchanges that have been in operation since 2014. The company has been acknowledged as the No.3 cryptocurrency exchange in South Korea. 

With a solid sense of social responsibility, Coinone is paving the way for the crypto and blockchain space, instructing the financial specialists about distributed ledger technology while continuing to be a market leader in digital asset trading. 

Source: https://www.coindesk.com/ 

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