SOUTH KOREA TO ALLOW CRYPTO EXCHANGES TO HALT DEPOSITS AND WITHDRAWALS ON SUSPECTED HACKS! South Korea’s Financial Services Commission plans to issue no-action letters allowing…
Original source excerpt
🚨SOUTH KOREA TO ALLOW CRYPTO EXCHANGES TO HALT DEPOSITS AND WITHDRAWALS ON SUSPECTED HACKS! South Korea’s Financial Services Commission plans to issue no-action letters allowing crypto exchanges to …
🚨SOUTH KOREA TO ALLOW CRYPTO EXCHANGES TO HALT DEPOSITS AND WITHDRAWALS ON SUSPECTED HACKS! South Korea’s Financial Services Commission plans to issue no-action letters allowing crypto exchanges to suspend deposits and withdrawals when a hack is suspected, without waiting for confirmation of a breach. Current rules only permit restrictions after an incident is verified. The FSC also requires exchanges to maintain round-the-clock monitoring and incident response, raise cold-wallet holdings, and strengthen insurance and reserves. Platforms unable to monitor continuously may process deposits and withdrawals only during staffed hours and must notify users in advance.
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