KBA Under Fire After Approving 12/12 Crypto Exchanges The Korea Blockchain Association (KBA) is facing the heat with questions being raised on its approval of 12 out of 12 crypto exchanges that were screened as part of a recently held self-regulatory drive. An industry body with around nearly two dozen cryptocurrency companies in its kitty, the KBA recently completed an in-house inspection of 12 domestic crypt exchanges. The screenings had commenced in May this year. In June and July this year, this self-regulatory drive was carried out via third-party experts that were authorized by the KBA. It is worth pointing out that the inspection did not include any hacking simulation of exchanges. The inspection was merely restricted to interviews held with the exchanges. Post the inspection, these 12 out of the 14 exchanges gained an affirmation for meeting all the general standards that are mandated by the KBA. Some of the key standards include adherence to anti-money laundering norms, adoption of offline or cold wallets, possessing a certain threshold in assets, and more. KBA chairman, Jhun Hai-jin in a recently held press conference in Seoul this Wednesday, admitted that the inspection found a lot of security gaps in these 12 approved exchanges. As reported by CCN, Jun Hai-jin further mentioned that some of these 12 exchanges had a huge gap in the level of handling cybersecurity risks. He, however, declined to disclose what kinds of gaps were found. Jhun added that the inspection does not guarantee the complete security of these 12 exchanges. He supported his statement by drawing an analogy to the issuing of driving licenses which does not prove the driving credibility of drivers. The KBA also faced criticism for doubling the one-month inspection time period in May and granting time to exchanges that failed to meet the minimum criteria to prepare for the inspection. Out of the 12 exchanges that gained approval, Bithumb was one of them. However, less than a month ago, Bithumb faced a $30 million hack. The post KBA Under Fire After Approving 12/12 Crypto Exchanges appeared first on OWLT Market.

The Korea Blockchain Association (KBA) is facing the heat with questions being raised on its approval of 12 out of 12 crypto exchanges that were screened as part of a recently held self-regulatory drive.

An industry body with around nearly two dozen cryptocurrency companies in its kitty, the KBA recently completed an in-house inspection of 12 domestic crypt exchanges. The screenings had commenced in May this year.

In June and July this year, this self-regulatory drive was carried out via third-party experts that were authorized by the KBA. It is worth pointing out that the inspection did not include any hacking simulation of exchanges. The inspection was merely restricted to interviews held with the exchanges.

Post the inspection, these 12 out of the 14 exchanges gained an affirmation for meeting all the general standards that are mandated by the KBA. Some of the key standards include adherence to anti-money laundering norms, adoption of offline or cold wallets, possessing a certain threshold in assets, and more.

KBA chairman, Jhun Hai-jin in a recently held press conference in Seoul this Wednesday, admitted that the inspection found a lot of security gaps in these 12 approved exchanges. As reported by CCN, Jun Hai-jin further mentioned that some of these 12 exchanges had a huge gap in the level of handling cybersecurity risks.  He, however, declined to disclose what kinds of gaps were found.

Jhun added that the inspection does not guarantee the complete security of these 12 exchanges. He supported his statement by drawing an analogy to the issuing of driving licenses which does not prove the driving credibility of drivers. The KBA also faced criticism for doubling the one-month inspection time period in May and granting time to exchanges that failed to meet the minimum criteria to prepare for the inspection. Out of the 12 exchanges that gained approval, Bithumb was one of them. However, less than a month ago, Bithumb faced a $30 million hack.

The post KBA Under Fire After Approving 12/12 Crypto Exchanges appeared first on OWLT Market.

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