South Korea urges exchanges to boost cold storage after Binance hack
South Korean crypto exchanges are already required to hold at least 80% of customer crypto in cold wallets, but the regulator is urging more.
South Korea’s Financial Services Commission has urged domestic crypto exchanges to increase the proportion of assets held in cold wallets after the $6.3 billion attack on Binance last week.
In a statement Monday, the FSC said it held an emergency meeting with the Financial Supervisory Service, the Financial Security Institute, the Digital Asset eXchange Alliance (DAXA) and major crypto service providers to review the impact of the Binance hack on South Korea’s crypto market and review exchanges’ security measures.
The FSC said it reviewed exchanges’ IT access controls, wallet withdrawal approval and signing procedures, and administrator privileges. It also urged providers to increase the proportion of assets held in offline cold wallets.