CPDax is a centralized cryptocurrency exchange based in Seoul, South Korea. The platform is owned by Coinplug, Inc (business license number 144-81-18100). Coinplug claims to be “the world’s #1 blockchain family patent holder.” The company has developed multiple blockchain-based projects such as identity verification, B2B mobile-centric environment (provides authentication, open payment, point swap, and other services), international remittance service, and a distributed ledger enterprise solution. CPDax and Coinplug are both registered at the same address – 11F Office H, 20, Pangyoyeok-ro 146beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do, Rep. of KOREA.
The CEO of both companies is Joonsun Uhr. His LinkedIn profile though is under the name of “Ryan Uhr”. According to the information there, prior to founding Coinplug, he had also founded mobile location-based services firm Celizion and was CTO at the wireless company Exio Communications, which Cisco Systems acquired for $165m in 2000. He also worked as a Chief Engineer at Hyundai Electronics.
It is worth noting that Coinplug’s reputation as a blockchain solution provider in Korea is very solid. The company has experience in conducting successful projects for multiple clients from the private and public sectors. It started operating with the help of seed funding worth $400 000 from Silicon Valley’s Silverblue Inc. in November 2013. The funding was intended to help Coinplug develop its trading platform – CPDax.
CPDAX stands for Coinplug Digital Asset Exchange. According to the information on its website, Vitalik Buterin is the exchange’s lead technical advisor. It is worth noting that CPDax is focused entirely on the Korean market. Users outside the country are restricted from using its services. The platform supports corporate and individual client accounts. Aside from the exchange, CPDax provides additional features, such as a built-in wallet, a mobile app, and a prepaid BTC card called “okBitcard”. The idea of the card, according to Coinplug’s team, is to make Bitcoin more popular and improve its usability.
Regarding the employed security measures, it is worth pointing out that the exchange doesn’t instill trust and a sense of resilience. The only security feature, mentioned on the CPDax website, is two-factor authentication. This makes the platform very fragile and susceptible to malicious activities and hacker attacks.
When it comes to customer support, CPDax offers several options. Users can reach out to the exchange’s team via email and a telephone hotline (number 1899-9942 / Fax 031-718-1598). The support is available on weekdays – from 09:00 to 12:30, and from 14:00 to 18:00.
We should point out that, at the time of this writing, CPDax doesn’t have any reputational problems. In fact, there is very limited public information regarding the satisfaction of the exchange’s clients.
At the time of this writing, CPDax has no history of security breaches or hacker attacks. However, in July 2018, the exchange was a subject to an investigation by the Korea Blockchain Association (KBA). The inspection was related to Korean cryptocurrency exchanges’ security and covered 12 companies. Although all trading platforms passed the test, in the end, the KBA didn’t list the detailed results and evaluation which lead to severe speculations about the complexity of the investigation and whether it really revealed the whole picture.
As a result of another inspection by the Korea Internet Security Agency (KISA) and the Korean Ministry of Science, conducted in July 2018, CPDax, alongside eight other exchanges, was requested to improve its wallet security.
It is worth noting also that in January 2018, CPDax was fined by the Korea Communication Commission (KSS) as a result of an investigation that proved the exchange’s failure to protect its customers’ personal data. CPDax and the other exchanges were found to violate the Information and Communication Network Act and were fined with individual fines in the range of $9 000 to $14 000. The KCC subsequently required these exchanges to take action in resolving the issue within 30 days and file reports to the agency.Read More