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South Korea Tightens Asset Verification Requirements for Centralized Crypto Exchanges

South Korea's Financial Services Commission (FSC) has instructed domestic centralized cryptocurrency exchanges to implement a system by the end of May that reconciles internal ledgers with actual crypto asset holdings every five minutes, Yonhap News reported on April 6, citing BlockBeats. Exchanges will also be required to disclose daily asset-matching balances and undergo monthly external audits by accounting firms. The measures are widely viewed as a regulatory response to a February incident at Bithumb, where the exchange mistakenly credited users with 620,000 BTC.
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