Review Customer Contracts; Korean Watchdog Orders
South korea’s Fair Trade Commission has ordered 12 cryptocurrency exchanges to revise their customer contracts. The order given is for these companies to implement the Customer protection Act. These Adhesion contracts are measures to safe guard the interest of a weaker party in a business deal or transaction
Consumer protection in South Korea is regulated under several acts including the Consumer Protection Act, and also more specific acts, such as the Adhesion Contract Act, enacted December 31, 1986.
The FTC, which also serves as the economic competition regulator, said current customer contracts from exchange operators ‘unfairly’ keeps users from withdrawing their deposits. Adding the currency acts forces users to bear the consequences on all financial loses when ending their membership with the exchanges.
South Korean cryptocurrency exchanges have been very active of late. Huobi has officially launched in South Korea, facilitating “the trading of 100 cryptocurrencies and 208 markets.” In terms of regulation, these pages also reported how the “Kakao-backed cryptocurrency exchange Upbit has launched a system to reward users for identifying fraudulent multi-level schemes related to cryptocurrencies.”
“[Shutting down cryptocurrency exchanges] is not realistically possible,” FTC chairman Kim said at the time. “Based on electronic commerce law, the government does not have the authority to close down cryptocurrency trading platforms.”
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