The South Korea’s Financial Services Commission (FSC) and the Financial Supervisory Service (FSS), together with the Digital Asset Exchange Association (DAXA) are rolling out unified rules for withdrawal across all registered crypto exchanges.
A Unified Crypto Withdrawal System
From now on, all local crypto exchanges are being forced to have one tough, standardized withdrawal‑delay regime by South Korean financial regulators. According to the Korean outlet News1, the intention behind the new withdrawal delay system for crypto exchanges is to prevent damage from voice phishing scams that depend on speed.
The new criteria for ‘withdrawal delay exceptions’, which according to News1 have previously been highly susceptible to criminal exploitation, will be standardized. Intensive monitoring will also be conducted on accounts to which these exceptions apply.
The aforementioned vulnerability was created by “exchange‑by‑exchange loopholes” that scammers abused, The
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