Bithumb to ban employees from trading cryptocurrencies on the exchange

South Korean cryptocurrency exchange Bithumb will prohibit employees from using accounts on the platform to trade digital assets. This is stated in the company’s message.

The restrictions are aimed at increasing transaction transparency and will take effect in July.

“Employees have already submitted written withdrawal requests from accounts last month. The exchange will implement a permanent monitoring system, including self-audit and an internal reporting system,” the statement said.

Earlier, Bithumb prohibited staff from trading during working hours. Previously, the platform had implemented a number of measures to prevent data leakage, improper trading practices, and market manipulation, the company added.

In March 2021 Bithumb blocked users from high-risk jurisdictions in line with its anti-money-laundering policy.

In the same month, the Financial Services Commission of the country ordered the company’s digital-asset-related entities to complete KYC-procedures by September.

Since 2023, residents of South Korea must disclose data about accounts on overseas bitcoin exchanges.

In late June, Business Korea reported that cryptocurrency trading platforms planned to sue the government of South Korea for evasion of duties.

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