Crypto Exchange Korbit Charged for ‘Excessive Customer Data Collection’

Crypto Exchange Korbit Charged for ‘Excessive Customer Data Collection’

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Crypto Exchange Korbit Charged for ‘Excessive Customer Data Collection’ 101
Source: Adobe/Alexander

The South Korean crypto exchange Korbit has been hit with a fine over “collecting excessive personal data” from at least one of its customers.

According to the news agency Yonhap, the exchange was fined just over USD 4,000 by a government watchdog for ordering a customer who had attempted to activate a dormant account on its platform to upload a photograph of their national ID card.

The case was taken before the Personal Information Protection Committee, which met in a plenary session to rule on the case. Korbit argued that it needed proof of a photo ID in order to prevent financial crimes such as voice phishing scams, adding that account users could begin trading immediately after activating dormant accounts.

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

The committee ruled that mobile phone verification would have been sufficient in this instance, and that the exchange was guilty of violating the “principles of minimum personal information collection” 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 Korea drama series. Per EDaily, Korbit struck a partnership deal with the production company Studio Dragon, the creator of the drama Vincenzo, a mafia-themed series starring Song Joong-ki that aired on the cable network tvN earlier this year.

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

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

The company also showcased one of the items it plans to sell – an NFT featuring an iconic lighter used by the main and titular character in the drama, which was also distributed by the streaming giant Netflix.___Learn more:- South Korean Crypto Exchanges Ready for Legal Fight Amid Closure Threats- Bitstamp, Korbit Owner Set to Take Control of Bithumb – Report

– Korbit Offers Bitcoin Employee Reference Rewards- Regulator Extends South Korean Crypto Exchanges’ AML Window by 6 Months

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