Crypto exchange Korbit plans to control the movement of funds on the accounts of family members of employees

Korean virtual asset exchange Korbit announced the adoption of a new Code of Conduct, under which it will monitor the accounts of employees. In addition, the administration of Korbit decided to introduce mandatory monitoring of the movement of funds on exchange accounts of family members of employees.. To strengthen internal control, family members of company executives and employees will be required to report opening accounts on the Korbit exchange and the movement of funds themselves. “Introducing monitoring of our employees' family accounts is part of an effort to raise Korbit's standards to the level of traditional financial institutions,” explained Korbit CEO Oh Se-Jin. The CEO explained that Korbit's decision should demonstrate to the crypto community the social responsibility of the company and its willingness to follow the path of promoting ethical standards. Recently, the five major South Korean virtual currency exchanges of the DAXA alliance – Upbit, Bitsum, Coinone, Korbit and Gopax – have begun preparing a single standard for discontinuing support for digital assets.