Bithumb, Coinone fail FSS inspection on internal controls

South Korean crypto exchanges Bithumb and Coinone have received failing grades in an internal control inspection conducted by South Korea's Financial Supervisory Service (FSS), Chosun Biz reported. The review of the country's top five crypto exchanges was prompted by a recent incident in which Bithumb accidentally overpaid a user in Bitcoin. The FSS assessed the exchanges' internal control systems based on four key criteria: periodic reviews of internal control status, management of work access privileges, implementation of duty separation and mandatory leave, and the appropriateness of advertising and promotional materials. Bithumb and Coinone failed to meet the standards in all four categories.