Five cryptocurrency exchanges in South Korea have increased their liability to users in line with demands from regulators. Local English-language news outlet The Korea Herald reported the news on June 17, citing Yonhap News Agency.
The onus for paying out will lie with the exchanges even if no willful or gross negligence occurred on their part, The Korea Herald stated.
Previously, exchanges only reimbursed users if it was proven that their own systems were at fault.
At the same time, many South Korean exchanges were reporting gross losses for 2018 as the cryptocurrency bear market took hold, with data showing only Upbit making a profit. Coinnest, another exchange, shut down altogether in May.