Crypto exchange Korbit adds new measures for protecting fraud victims

One of the South Korean cryptocurrency
exchanges, Korbit, recently updated its Terms of Service. The new changes will
allow the company to protect crypto fraud victims by seizing assets.

The number of crypto-related scams seems to be on a constant rise. With the crypto prices growing, many expect that this is not going to stop anytime soon. In other words, the criminal element in the world of digital currencies cannot be denied. This is why Korbit has decided to try and deal with it by equipping itself with greater powers.

Korbit’s plans to protect fraud
victims

The exchange’s goal is to try and tackle fraudulent behavior throughout its platform and try to reduce it as a result. It explained these plans in a recent notice, which states that the new terms of service will provide the platform with the authority to seize funds and cryptos from its users. It supposedly even got permission to do so from ‘financial authorities,’ as the notice reads.

According to the mechanism,…