South Korea to allow crypto exchanges to block withdrawals if hacks are suspected

South Korea has announced plans to let cryptocurrency exchanges temporarily block deposits and withdrawals when they suspect a hacking attempt, allowing platforms to take preventive action before a security breach is confirmed. South Korea plans to allow cryptocurrency exchanges to suspend withdrawals when hacking attempts are suspected. The FSC will issue a no-action letter covering preventive restrictions under specified security conditions. Exchanges must strengthen monitoring systems and restrict transaction processing when continuous supervision is unavailable. South Korea currently requires exchanges to hold at least 80% of customer cryptocurrency in cold storage. The Financial Security Institute plans additional inspections covering cryptocurrency wallets, blockchain infrastructure and transaction controls.

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