Bithumb amends Terms of Service to build safer ecosystem for digital coin traders
With a rise in the number of hacks going on the crypto ecosystem, major exchanges had taken forward steps to ensure these illegal activities do not occur again that hacked crypto coins worth millions.
As the Korean exchange Bithumb officially changed their terms of administration, trusted sources revealed that this move will influence clients. This step was boosted to align the exchange with the Korea Blockchain Association decision of setting up a superior framework to address security breaches that happened in the past.
The report stated,
“Five cryptocurrency exchanges have changed their terms of service in a way that they can be liable for problems caused by potential cyber attacks or system malfunctions, even if operators are not willfully or grossly negligent, South Korea’s antitrust regulator said Monday.”
Earlier, the terms of service stated that the exchange cannot be termed liable for the investors’ loss if the exchange had carried out the entire procedure properly. Now, the crypto exchange amended the rules in order to provide a safer and secure ecosystem for the traders. This step had been termed vital after the crypto trade lost over $13 million recently.
As the major global economies started to impose regulations on the crypto exchanges’ trading methods, the step of safeguarding the users’ interests will prove beneficial for the exchange to build a positive image in front of the governing body in the near future.