"The Financial Services Commission, the Financial Supervisory Service, and the Digital Asset Exchange Association confirmed that new, unified internal regulations will take effect immediately to close loopholes used by fraudsters."
"A recent regulatory review revealed a critical vulnerability where individual exchanges were setting their own criteria for who could bypass these delays, leading to significant financial losses."
"Data from June to September 2025 showed that 1,490 out of 2,526 fraudulent accounts were exempt from withdrawal delays, resulting in approximately $124 million in damages."
South Korean financial regulators have tightened the Virtual Asset Withdrawal Delay System to combat voice phishing. The Financial Services Commission, Financial Supervisory Service, and Digital Asset Exchange Association found that lax standards allowed fraudsters to exploit withdrawal exceptions. New unified regulations will significantly reduce eligibility for these exceptions. A review revealed that 59% of fraud cases involved withdrawal exceptions, leading to $124 million in losses. Regular audits and annual fund verifications will be conducted to prevent future exploitation of the system.
Read at news.bitcoin.com
Unable to calculate read time
Collection
[
|
...
]