South Korea Plans to Allow Exchanges to Suspend Deposits and Withdrawals During Suspected Hacks

According to TechFlow, on November 12, Cointelegraph reported that South Korea's Financial Services Commission plans to issue a no-action letter allowing crypto exchanges to preemptively suspend deposits and withdrawals due to suspected hacks when certain conditions are met, without waiting for the attack to be confirmed.

The regulator also requires exchanges to strengthen 24/7 monitoring and incident response, increase the proportion of assets held in cold storage, and enhance insurance coverage and reserves. Exchanges unable to maintain continuous monitoring will process deposits and withdrawals only during staffed hours and must notify users in advance.

Source: TechFlow