South Korea's Fair Trade Commission (FTC) has ordered 12 cryptocurrency exchanges to revise their adhesion contracts, which, it said, largely fail to provide adequate protection for consumers, Yonhap reported.
The watchdog said existing guidelines unfairly bar users from withdrawing their deposits.
It further said the exchanges limit their services to users, and force the latter to shoulder all financial losses when they secede from membership.
Despite being a huge cryptocurrency hub, South Korea currently has no rules in place for protecting virtual currency investors, and the exchanges have gone largely unregulated.
The country has banned anonymous trading since January 30, and traders are required to use real-name bank accounts.
By Jade Olafson