South Korean Lawmaker: Top Crypto Exchanges ‘Neglect Responsibilities’

cryptonews.com:

A South Korean lawmaker has claimed that the nation’s leading crypto exchanges are “neglecting their responsibilities to protect investors.”

According to a report from Daehan Geumyoong Shinmun, the comments came from Min Byeong-deok.

Min is a member of the National Assembly’s Political Affairs Committee.

The MP, a member of the main opposition Democratic Party, took aim at the five exchanges that make up the Digital Asset Exchange Association (DAXA).

DAXA is a self-regulating body that makes decisions on a range of matters, including token listing and desisting policies. Min said:

“DAXA exchanges are neglecting their responsibility to protect investors. And they are [making use of] unprincipled measures in their approach to cryptocurrency.”

DAXA’s reputation has taken a series of blows in recent months, due mainly to apparent divisions between exchanges’ policies.

The body voted to unilaterally delist WEMIX, a token launched by the domestic gaming firm WeMade, in late 2022.

However, all but one of its members – Upbit – have since relisted the token, despite the fact that DAXA has never formally changed its policy on the WEMIX delisting.

The media outlet gave another example, however, noting that DAXA policies had been confusing in the case of an altcoin named Creditcoin (CTC).

Additionally, the media outlet explained that CTC had been “marketed as an overseas project,” but was widely considered “as a de facto kimchi coin, as “all of its practitioners are domestic.”