Major South Korean crypto exchanges advised to revise unfair terms and conditions
( July 28, 2021, 04:09 GMT | Official Statement) -- MLex Summary: Major crypto exchanges were advised by the South Korean competition regulator to correct parts of their terms of service. In a statement today, the regulator said of the 16 operators under investigation, it had recommended eight rectify terms that were unfair to customers. They included terms that give operators the authority to govern matters not specified in the terms of service; terms that would allow them to make frequent changes to services they provide and cancel points paid to customers without clear standards or prior notice; and terms that would exempt them from liabilities for any damage caused by customers’ failure to check notices. The regulator also found it unreasonable that consumers were told seven or 30 days in advance if conditions changed that may be adverse to them, and that they were assumed to have accepted to the change if they did not voice an objection. The commission said the recommendations urged operators to exercise prudence and help prevent harm to users of virtual asset exchanges.The KFTC statement, in Korean, is attached....
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