The South Korean Ministry of Science and ICT reported yesterday that only seven cryptocurrency exchanges including Upbit, Bithumb, Gopax, Korbit, Coinone, Hanbitco, and Huobi Korea have passed the security inspection checklist.

The Ministry of Science and ICT, the Korea Internet & Security Agency and the Ministry of Economy and Finance inspected a total of 21 crypto exchanges from September to December 2018, examining 85 different security aspects.

This seven Exchanges passed all 85 of the inspection points. Fourteen previously-inspected exchanges still have not improved and 17 new crypto exchanges did not meet security standards.

The names of the fourteen exchanges that didn’t pass the security audit were not named by the South Korean government, but the investigators did say that these exchanges are ‘vulnerable to hacking attacks at all times because of poor security.

The seven exchanges that passed the audit obtained ISMS certification (Information Security Management System), the highest certification in South Korea in that field.


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