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South Korea to Tighten Crypto Exchange Asset Reconciliation Requirements

South Korea's Financial Services Commission (FSC) has ordered domestic cryptocurrency exchanges to strengthen asset verification controls. According to ME News, on April 6 (UTC+8) the FSC told exchanges to deploy a mechanism that matches internal ledgers with actual crypto holdings every five minutes by the end of May. Exchanges will also be required to publish daily reconciliation balances and undergo monthly external audits by accounting firms. Regulators said that three of the country's five major exchanges still reconcile assets on a 24-hour cycle, while the other two run checks every five to ten minutes. The FSC also flagged weaknesses in the exchanges' trading suspension mechanisms when material asset discrepancies arise. (Source: Foresight News)
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