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South Korean Authorities ordered crypto exchanges to revise the adhesion contracts.

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  • The Republic of Korea Fair Trade Commission (KFTC), has issued an order to monitor over the cryptocurrency exchanges regarding the update on the adhesion contracts. These contracts are said to be the cause of withdrawal problems, lagging the businesses.

    The KFTC is Korea’s regulatory authority that has “ordered 12 cryptocurrency exchanges to revise their adhesion contracts, which largely fail to provide adequate protection for consumers”.
    The Consumer Protection Act, the Adhesion Contract Act and a few more acts look after the consumer rights in Korea.

    South Korea Government orders monitoring over the Crypto exchanges.

    Later,the E-commerce Act was updated which acts as a shield for the customers in case of online transactions. The KFTC has been focusing on this law and checking on it’s terms and conditions so that there remains no loopholes for the customers to get trapped in.

    The Korean Supreme Court stated that the norm is “contractual terms that would typically affect a reasonable consumer’s decision to enter into a contract or how prices are set for the concerned transaction (for example, product warranty or disclaimer of liability)”.

    “According to the Fair Trade Commission, existing guidelines unfairly bar users from withdrawing their deposits, or limit their services to users, and force users to shoulder all financial losses when they secede from membership”, said an official.

    The Crypto exchanges of South Korea have been conducting business actively since the past few months. It facilitates the business of 100 Cryptos and 208 markets. Upbit, a South-Korean Crypto exchange, has decided that it will reward it’s users if they identify any frauds related to the cryptocurrencies.

    During the past two weeks, three of the exchanges were raided by the authorities in suspect of “buying bitcoin with money stolen from customers’ accounts”. Previously, about twenty digital coin exchanges agreed to go through the evaluation procedure to ensure better regulations.

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