HomeCryptoOKCoin and Coinlink receive a fine for violation of privacy

OKCoin and Coinlink receive a fine for violation of privacy

The South Korean regulator KCC (Korea Communications Commission) has decided to fine two crypto exchanges, Coinlink and OKCoin, for violating the privacy and data protection of users.

Both exchanges were fined for not keeping the users’ register for more than 6 months and for not checking their register monthly.

okcoin coinlink fine privacy

The control carried out by KCC took place at the request of the American FCC (Federal Communications Commission) and controls were carried out on 5 Korean exchanges.

Between July and September 2018 only OkCoin and Coinlink were fined 7 million won (about $ 6,300) for problems related to user privacy.

In addition, OKCoin was further fined 5 million Won (about $4,500) for violating user rights by making it more difficult for members to withdraw. The remaining 3 exchanges GoPax, KBlockchain and Coinnest passed the checks without any problems, also because of the high standards of security and privacy.

Other institutions have also been affected by the control of the commission, including banks and other services related to the world of finance.

Alfredo de Candia
Alfredo de Candia
Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.