DigitalX holds companywide compliance training to prevent overpayment errors

Mirae Asset's virtual asset investment platform DigitalX said Thursday it held a companywide compliance training session on Wednesday to prevent errors in Caution transactions.

Caution transactions refer to asset transfers that carry a high risk of human error due to manual processing by staff — including airdrops, event reward payouts, payment cancellations, and transfers related to inheritance or mistaken remittances made at users' request.

Earlier, the Digital Asset Exchange Alliance (DAXA) incorporated Caution transaction control procedures into its risk management best-practice guidelines in July. DigitalX structured the training around transaction-type processing standards and incident response procedures in line with those guidelines.

The session covered the operation of separate management accounts for event reward payouts, approval criteria, and processing procedures by transaction type. Particular attention was paid to controls designed to prevent overpayments and excess payments — including segregating management accounts by payment purpose, separating the drafting and execution departments, and applying different levels of approval depending on the scale of the payout.

Incident response procedures were also reviewed. The training walked staff through a step-by-step response framework: immediate reporting to department heads and the chief risk officer, initial measures such as canceling erroneous transactions and blocking deposits and withdrawals, and subsequent reporting to financial regulators and information sharing with DAXA.

Alongside this, the session examined industry cases of overpayment incidents and disputes involving event rewards, and highlighted the risks that can arise from inadequate input controls and dual-approval systems. Basic compliance requirements were also covered, including the code of ethical conduct, the Virtual Asset User Protection Act, and the prohibition on using undisclosed material information.

"Caution transactions are an area where a single small mistake directly affects customer assets and market trust," DigitalX CEO Oh Se-jin said. "We will continuously upgrade our internal control systems to ensure all employees strictly follow established procedures, and work to create a trading environment where customers can use our platform with confidence."

Meanwhile, DigitalX recently became the first exchange to embed a generative AI chatbot directly within its mobile app. The company also plans to strengthen its AI-based asset management capabilities by introducing an automated portfolio feature that analyzes users' holdings and delivers personalized research notes.