Bithumb Crypto Exchange Makes Concerning Announcement for its Employees
As per the latest reports, Bithumb has made an announcement for its employees that has raised many concerns among them. Bithumb is a major cryptocurrency exchange that is based in South Korea. The exchange is now moving towards imposing restrictions on its employees.
The cryptocurrency exchange has announced that its employees are banned from carrying out any trading activities for cryptocurrencies through its platform.
The announcement for the banning of cryptocurrency trading has been made by Bithumb on Friday, July 2, 2021. As a result, the employees at Bithumb exchange would be fully banned from carrying out buying/selling activities for cryptocurrencies. The firm has confirmed that the ban on cryptocurrencies has been implemented in the month of July 2021.
According to Bithumb, this action has been taken by the executives to ensure that the internal regulations are strengthened. The exchange also aims to improve the transparency of transactions flowing through its system.
The exchange has revealed that it had already initiated the banning process in early June. Every employee at the exchange was instructed to liquidate all their assets at the exchange or withdraw their assets from the exchange. The exchange had also asked all employees to submit their withdrawal statements as proof that they had no more assets at Bithumb.
The exchange will also set up a monitoring system that would ensure that no employee at the exchange opens up an account with the exchange. The monitoring system would be implemented on a permanent basis. Furthermore, the exchange will also put self-audits in place that would carry out audits on the accounts and provide information based on the research. The exchange would also have an internal reporting system to ensure that everything is monitored with utmost diligence.
Bithumb has implemented the ban in a series of bans as initially, the exchange had restricted its employees from performing cryptocurrency trades during working hours.
Furthermore, the exchange had also put in place several measures to ensure that there were no data leaks from employees’ end. The exchange also made the effort and introduced measures that would restrict any market manipulation and unfair trade activities.
When asked, the spokesperson at Bithumb avoided providing any additional information around the banning of employees from trading.
According to South Korean analysts, the exchange has made these efforts to ensure that it firmly regulates the cryptocurrency businesses that are operating locally. The regulatory authorities of South Korea have been introducing strict regulations around cryptocurrencies since the end of 2020. By doing this, the exchange is making sure that it is fully adherent to the regulatory guidelines instructed by the South Korean regulators.