Foblgate said on Feb. 25 it held practical training at its headquarters in Seoul for all employees to strengthen internal controls to prevent financial incidents and protect client assets.

The core of the training was upgrading its client asset protection system. Foblgate established stricter internal control guidelines beyond its level of compliance with the Virtual Asset User Protection Act.

Key topics included detailing security rules for asset custody and reconciliation processes, strengthening the cold wallet management system and improving transparency in regular inspection procedures.

Foblgate also designed an improved management process model and applied it immediately to operations to block errors that could occur in the payment and recovery process for event-related assets.

To clarify roles and responsibilities within the organization, it also reorganised compliance duties of staff in each department and stage-by-stage control lines. It further strengthened its escalation process so that immediate response and reporting can take place when anomalies occur.

Foblgate CEO Ahn Hyun-joon (안현준) said, "A significant number of market incidents occur not only due to technical problems but also from small gaps in internal operating processes." He said, "Foblgate will continue to build a trusted environment where people can trade with confidence by making thorough internal controls and regulatory compliance its top priorities."