South Korea takes away exchange discretion in a major anti-phishing crackdown
CoinDesk·2h ago·Positivity
What Happened
South Korea's Financial Services Commission and Financial Supervisory Service ordered all domestic crypto exchanges to adopt a single, standardized system for delaying withdrawals. The new rules remove exchange discretion in granting exceptions, aiming to block voice phishing scams that exploit speed. Fewer than 1% of users will qualify for instant withdrawals. Exchanges must use consistent criteria including account history and transaction patterns. Platforms must also strengthen identity checks and monitor fund flows more closely.
Key Entities
South KoreaFinancial Services CommissionFinancial Supervisory Servicecrypto exchangesvoice phishing scamswithdrawal delays