South Korea’s data protection regulator, the Korea Communications Commission, fined eight cryptocurrency exchanges and wallet services for various privacy violations, Fortune reports. Fines ranged from $9,000 to $14,000 for violations such as storing customer data outside the country and for not deleting data belonging to former customers. A translated statement from KCC Chair Lee Hyo-Sung said, “While the security threats such as virtual currency speculation and hacking of [cryptocurrency] handling sites are increasing, the actual situation of personal information protection of major virtual currency exchanges is very weak. Therefore, we will try to reduce the damage of users through more strict sanctions.”
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