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Crypto exchange Korbit charged for ‘excessive collection of customer data’

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Source: Adobe / Alexander

The South Korean cryptocurrency exchange, Korbit, has been fined for “collecting excessive personal data” from at least one of its clients.

According to the Yonhap news agency, the exchange was fined just over $ 4,000 by a government watchdog for ordering a customer who had tried to activate an inactive account on its platform to upload a photograph of his national ID card.

The case was brought before the Personal Data Protection Committee , which met in plenary to pronounce on the case. Korbit argued that it needed proof of a photo ID to prevent financial crimes such as voice phishing scams, adding that account users could start trading immediately after activating inactive accounts.

But the committee ruled in favor of the user in question, claiming that none of the other “big four” crypto exchange rivals from Korbit (Upbit, Bithumb Y Coinone ) required the submission of a photo ID to activate such accounts.

The committee ruled that the verification of the mobile phone would have been sufficient in this case, and that the exchange was guilty of violating the “principles of minimum collection of personal information” specified in the Personal Information Protection Act, which was passed last year. .

Meanwhile, Korbit has also started selling non-fungible tokens (NFTs) for a hit South Korean drama series. For EDaily, Korbit reached a partnership agreement with the production company Studio dragon , the creator of the drama Vincenzo, a mobster-themed series starring Song Joong-ki that aired on the tvN cable network earlier this year.

The deal will see the company sell 100 limited-edition official artworks based on the show on a first-come, first-served basis on July 21.

Korbit stated that he plans to create more NFT elements for “other popular dramas” also produced by Studio Dragon.

The company also showed off one of the items it plans to sell – an NFT with an iconic lighter used by the title and main character in the drama, which was also distributed by the streaming giant. Netflix .
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Learn more:
– South Korean Cryptocurrency Exchanges Ready for Legal Fight Amid Shutdown Threats
– Bitstamp, Korbit Owner Ready to Take Over Bithumb – Report

– Korbit offers referral rewards for Bitcoin employees
– Regulator extends AML window of South Korean cryptocurrency exchanges by 6 months

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