Employees Are Prohibited From Transacting On Bithumb Platform

Employees Are Prohibited From Transacting On Bithumb Platform

Bithumb, a South Korean based cryptocurrency trading platform has taken its staff restrictive guidelines as regards transacting on its platform to complete prohibition. Bithumb on Friday made Its decision to forbid staff from trading on the firm’s forum public. Staff of the firm are prohibited from engaging in sales or purchases on the crypto platform from July this year.

The latest constraint placed on the platform’s staff is a conscious bid to ensure openness and accountability in the exchange operations of the firm. In line with this, workers at Bithumb have given out details regarding withdrawal activities on their account for the previous month. Again, the firm will institute an effective and lasting way of inspection by collecting information internally for its use and by employing the principle of self auditing.

The latest move by Bithumb is one out of the myriads of constraining measures put in place for the employees. Staff of the firm had hitherto been forbidden to trade within the official work hours.The exchange platform stated that they had in years past put in place measures that ensure that their employees do not engage in clandestine trade activities and the likes. The Bithumb representative however did not throw further light on the issue in his chat with Cointelegraph.

Bithumb continues in its employee regulatory venture amid South Korea’s recent meanness towards the cryptocurrency ecosystem as regards crypto trading. The powers that be in South Korea has set a time limit for the registration exercise of cryptocurrency trading platforms. The crypto firms are expected to register with the financial regulatory body from now till September this year. In March, the financial regulatory body of the country reviewed the laws guiding financial reports. In line with this, crypto firms are expected to give reports of their exchange activities regularly.

Reports from domestic source however stated that small trading platforms in Korea were considering filing a lawsuit against the government for not being able to curb regulatory excesses.


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