“South Korean To Be Held Responsible For Future Hacks”
Five cryptocurrency exchanges in South Korea including Bithumb have changed their terms of service to state they will be liable for user losses after a cyber attack or system malfunction - regardless of whether they were “willfully or grossly negligent”, Yonhap Press Agency writes. The move follows a recommendation from the Fair Trade Commission last year. Previously, the exchanges would only pay compensation if user funds were stolen as a result of the firms’ negligence. Just last year, 35 billion won ($31.5 million) in cryptocurrencies were stolen from Bithumb.
“TP ICAP To Launch Crypto Derivatives Business”
Facing a slowdown in its core brokerage business, TP ICAP Plc has joined the handful of traditional finance firms opening the door to Bitcoin. The ICAP unit of the world’s biggest interdealer broker is now acting as an intermediary between customers wanting to buy or sell Bitcoin futures. The firm’s new venture, which is run from London by Simon Forster and Duncan Trenholme, expects to add non-deliverable forwards tied to the largest cryptocurrency and then plans to open desks in Asia and the U.S.
“Iceland’s Currency To Be Traded Over Blockchain”
The Financial Supervisory Authority of Iceland (FME) has approved Reykjavik-based Monerium as its first electronic money institution. The designation, announced Friday, means that Monerium has regulatory approval to provide fiat payment services on a blockchain and use it throughout the European Economic Area. Electronic money is a well-established regulatory framework in Europe that’s been in use for years. It’s the first time, however, electronic money has been approved for use over a blockchain.
“Coinbase Custody To Hit the $2B Mark Soon”
Coinbase Custody revealed that it holds $1.3 billion in assets under custody (AUC) and the firm expects to hit $2 billion AUC soon in a Twitter thread published on June 13. In a series of tweets, what is evidently the official Coinbase Custody Twitter account reported that last week the company’s CEO, Sam McIngvale, and its chief information security officer, Philip Martin, visited the United Kingdom. The purpose of the visit was reportedly “to discuss the institutional cryptoeconomy with a range of prospects and clients.”