Dunamu, the South Korean company that operates the Upbit exchange, has extended trading bans to relatives of its executives and employees.
According to local media, the move is part of an effort to improve ethical management in the cryptocurrency market.
A spokesperson for Dunamu told the Korea Times:
“We came to strengthen the regulation since Aug. to be commensurate with our status as the most trusted digital asset exchange that meets global standards.”
In addition, the media sources noted that the measure has been in place since August.
Previously, the rule only applied to staff, but Dunamu has reportedly expanded the prohibition to include families.
Like traditional markets, the company wishes to fulfill its social responsibility.
Only the top 12 cryptocurrencies by market capitalization are allowed to trade on other exchanges.
Furthermore, their annual coin purchase is restricted to 100 million won (around $75,000). They must also report their trading every quarter.
