CryptoSouth Korea

South Korea will let crypto exchanges freeze deposits on suspected hacks

Under a change from South Korea's Financial Services Commission, crypto exchanges can freeze deposits and withdrawals when a hack is only suspected. Traders get quicker theft protection but less certainty about when coins can leave a platform.

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South Korea's Financial Services Commission (FSC) will allow crypto exchanges to freeze deposits and withdrawals while a hack is only suspected, not yet confirmed.

The change brings faster protection against theft for Korean traders. In return, they have less certainty about when their coins can be moved off an exchange.

Joining the Financial Security Institute (FSI) is another request the FSC is making of its 28 registered crypto firms.

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