Bithumb Obtains First International Compliance Management Standard Certification in Cryptocurrency Industry

Bithumb Introduces Compliance Monitoring System Since Late 2017

On the 13th, Bithumb received the international standard certification for its compliance management system from the Korea Compliance Promotion Institute. (Provided by Bithumb)

[Asia Economy Reporter Gong Byung-sun] Bithumb, a domestic cryptocurrency exchange, announced on the 15th that it has become the first in the cryptocurrency industry to obtain the international standard certification for compliance management systems.

On the 13th, Bithumb reportedly received the international standard certification for compliance management systems from the Korea Compliance Promotion Institute. The Korea Compliance Promotion Institute is a compliance-specialized organization designated as an ISO 37301 certification body by the International Accreditation Service (IAS) based in the United States.

ISO 37301 is an international standard related to compliance management established by the International Organization for Standardization (ISO) in April. The standard aims to provide guidelines for the establishment, development, implementation, evaluation, maintenance, and improvement of an effective compliance management system within organizations. Bithumb explained, "Obtaining this standard certification means that we have established a system to prevent compliance risk factors."

Bithumb introduced a compliance monitoring system at the end of 2017 and built a company-wide compliance system. Recently, it has also strengthened internal controls by banning investment-purpose transactions through employees' Bithumb accounts.

A Bithumb official said, "With the acquisition of the international standard certification for compliance management, we will enhance the operational reliability and transparency of the cryptocurrency exchange," adding, "We will fulfill the ethical and legal responsibilities of the exchange through compliance management."

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