Huobi Korea Becomes First Exchange to Receive ISMS Certification
- Huobi Korea has acquired an ISMS certificate from the Korea Internet and Security Agency (KISA).
- The certification will help Huobi comply with the country’s Special Payments Act.
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Global cryptocurrency exchange Huobi announced it has acquired an ISMS certificate from the Korea Internet and Security Agency (KISA).
According to the company’s press release, this is the first time a digital asset exchange received such certification.
The ISMS certification will provide the exchange with a comprehensive management system that ensures security for its customers. Aside from acting as a security assurance certificate, ISMS will also make it easier for Huobi to comply with Korea’s Special Payment Act.
South Korea’s Financial Services Commission (FSC) announced new amendments to the act in November 2020, banning digital asset service providers from handling assets with high money laundering risks. Cryptocurrency exchanges were also required to provide the names and personal information of their users to the Korean Financial Intelligence Unit.
The company said the certificate was necessary for Huobi Korea to be accepted as a virtual asset business operator (VASP) under the Special Payment Act. Acquiring the ISMS certification will help position the exchange as a provider of institutional-level cryptocurrencies, said Park Si-deok, the CEO of Huobi Korea.
- The Securities Commission Malaysia ordered Huobi Global to stop all of its activities in the country as it was not registered with the regulator, and was operating illegally.
- The exchange was also directed to disable its website and mobile applications, as well as cease all advertising of its products and services in the country.
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- Cryptocurrency exchange Huobi revealed that it is working on acquiring a crypto trading license in Hong Kong, and on opening a new trading platform in the city.
- The expansion was motivated by the Securities and Futures Commission’s (SFC) upcoming licensing regime, which could also allow retail investors to trade crypto.
- North Korea’s Lazarus Group has moved around $63.5 million of crypto assets connected to the Harmony bridge hack over the weekend.
- The hackers tried to move a portion of the funds through Binance and Huobi, but the exchanges were able to freeze their account and recover around 124 BTC.