South Korea demands stronger crypto safeguards following Binance hack

The article was updated with information from News1 Korea. South Korea's Financial Services Commission has directed domestic cryptocurrency exchanges to hold more assets in cold wallets and strengthen their financial reserves following the $6.3 billion Binance hack on October 29. South Korea's Financial Services Commission has urged domestic crypto exchanges to raise cold wallet holdings and strengthen financial reserves following Binance's $6.3 billion hack. The regulator held an emergency meeting with major exchanges and financial authorities to review withdrawal approval systems, administrator access controls and transaction monitoring procedures.

Source: crypto.news