South Korea requires cryptocurrency exchanges to standardize withdrawal delay times to combat voice phishing scams.

MarsBitNews · 2026-04-08T11:04:03+00:00

The Korea Financial Services Commission and the Financial Supervisory Service have issued new regulations requiring all cryptocurrency exchanges to standardize withdrawal delay review procedures to prevent voice phishing scams. It is expected that only 1% of users will be able to withdraw instantly. The measures strengthen identity verification and fund monitoring, marking a shift from industry self-regulation to unified standards in risk control.

MarsBitNews

2026-04-08 11:04:03

Abstract generation in progress

Mars Finance reports that, according to CoinDesk, the Financial Services Commission of South Korea and the Financial Supervisory Service jointly issued new regulations requiring all domestic cryptocurrency exchanges to adopt uniform withdrawal delay review standards to curb voice phishing scams. The new rules remove each exchange’s authority to set its own withdrawal exemption criteria, and require reviews to be conducted uniformly based on standards such as account history, trading patterns, and behavioral anomalies. It is expected that fewer than 1% of users will qualify for instant withdrawals. Platforms must also strengthen identity verification and monitor fund flows in tandem. Previously, fraud groups leveraged the exemption rules of different platforms to prompt victims to convert cash into cryptocurrency within minutes and complete the transfer out. This new regulation marks a shift in South Korea’s cryptocurrency risk-control framework from industry self-discipline to national unified standards.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

1 Likes