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The platform, which is number three in the country, is investing in this to improve its investor protection and project transparency. CertiK will help increase the security of the code, technology verification, and project information security.
This news comes to us shortly after crypto exchanges are being recommended to increase their security offerings with KYC and AML policies in place for day trading. Part of this is thanks to the Financial Action Task Force, a global entity, having them do it.
For example, in Seoul, both banks and financial institutions are doing this as well. In fact, on Wednesday, the Korean Financial Services Commission (FSC) will be looking over each exchange as well to ensure that they implement the required changes.
However, since everyone in the space is worried about hacking and other issues, the Korean Fair Trade Commission (FTC) said back in June of this year that there should be some terms and conditions changes for these trading platforms.
Now, trading platforms have to take liability for any theft or other suspicious activity that users fall for. Keep in mind that Bithumb, South Korea’s second-largest exchange, was attacked by two separate hacks in one year. They lost $50 million during that time alone. Coinone was also attacked in 2018.
Local publications report that some concerns surrounding Coinone could be that the assets let onto the platform could introduce hacks and other threats, unfortunately. However, these policies would help in a situation like this.
CertiK is based in New York and was founded in 2017. It uses advanced mathematics to verify if programs are safe and secure.
Xangle is based in Seoul and is a cryptocurrency disclosure platform. It offers something called “tear-sheet” summaries of tokens and other assets for use on a trading platform.