The Digital Asset Exchange Association (DAXA) has developed standards to prevent the improper lending of API keys by users of virtual asset exchanges. This initiative comes in response to reports of API keys being misused for unfair trading practices, such as market manipulation, highlighting the need for user protection and market order.
According to DAXA, the new standards were created in collaboration with its member companies and following discussions with the Financial Supervisory Service.
An API key allows users to connect external programs to access exchange features such as price and balance inquiries, order placements, and fund transfers. Recently, there have been instances where some users lent or shared their API keys, leading to unfair trading activities.
The standards outline a tiered response to suspected improper lending of API keys, based on the level of risk identified. Member companies can implement measures such as enhanced monitoring, warning notifications, re-verification of user identity, and forced expiration of API keys.
The plan also includes strengthening security measures. Member companies will adopt a whitelist IP system, allowing API key access only from pre-registered IP addresses.
Kim Jae-jin, DAXA's Executive Vice President, stated, "The establishment of these standards is part of our member companies' efforts to fundamentally eliminate unfair trading. We will take necessary actions to swiftly address various emerging threats and prioritize user protection."
* This article has been translated by AI.
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