Coinone wins Financial Supervisory Service chief’s commendation for user protection and market surveillance
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Summary
- Coinone said it received an FSS commendation for its work on monitoring abnormal transactions under the Virtual Asset User Protection Act.
- It said the commendation is the first granted to an exchange since the Virtual Asset User Protection Act took effect in July 2024, showing that a system to prevent unfair trading has taken root.
- Coinone’s User Protection Team said it conducts abnormal-transaction surveillance, monitoring of unfair trading practices, and financial-incident prevention, and that it will do its best to keep customers’ assets safe.
Coinone, a South Korean virtual asset (cryptocurrency) exchange, said on the 19th that a staff member in charge of market surveillance within its User Protection Team received a commendation from the Financial Supervisory Service (FSS).
The employee was recognized for diligently carrying out monitoring duties for abnormal transactions by virtual asset service providers in accordance with the Virtual Asset User Protection Act, contributing to the establishment of sound trading order in the market and to user protection.
More specifically, the employee was highly evaluated for proactively leading efforts to rationalize the operational standards for always-on monitoring of abnormal transactions through communication with the FSS. The award citation also highlighted contributions such as laying the groundwork for stable system operations by systematically improving deficiencies identified through the process.
The commendation is the first to be awarded to an exchange since the Virtual Asset User Protection Act took effect in July 2024, showing that systems to prevent unfair trading have taken hold even in the emerging virtual asset market.
Coinone’s User Protection Team carries out tasks including ▲ monitoring and taking action on abnormal trading in the virtual asset market ▲ monitoring and responding to unfair trading practices (price manipulation, use of nonpublic information, etc.) ▲ analyzing abnormal trading patterns and responding to prevent financial incidents. Earlier in 2024, Coinone also received a letter of appreciation from the Seoul Metropolitan Police Agency for being the first to report voice-phishing victim funds remaining at a virtual asset exchange and, in cooperation with investigative authorities, refunding them to victims.
A Coinone official said, "We believe this was a result made possible by the efforts of not only the User Protection Team but also all related departments," adding, "We will continue to do our best to establish a sound order in the virtual asset market and to keep customers’ assets safe."
