Five Korean cryptocurrency exchanges -- BTCKorea.Com (Bithumb), Corbit, Coinplug (CPDAX), Incublock (Coinnest) and WaveString (Coinis) -- have altered their unfair terms of service in response to corrective recommendations from the country’s antitrust regulator. The Fair Trade Commission Monday imposed an order of prohibition on these companies, saying similar terms of service might be reused.
The FTC ordered the relevant companies to correct their terms of service in April last year. The most problematic clause was that companies were not liable for problems if no willful or gross negligence occurred on their part. The FTC launched a reinvestigation recently as these companies failed to comply with its corrective recommendations.
As the antitrust agency began to deliberate on the issue, the companies revised the problematic clauses. The order of prohibition means that they should not reuse the unfair terms of service.
“Companies can be liable for problems caused by users’ willful or gross negligence. It’s wrong to blame only users even if companies fail to fulfill their duties of care,” an FTC official said.
Meanwhile, Coinnest ended its service on April 16. /yeri.do@decenter.kr
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