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South Korea Tightens Asset Verification Rules for Centralized Crypto Exchanges

According to ChainCatcher, 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. Exchanges will also be required to publish daily asset-matching balances and undergo monthly external audits conducted by accounting firms. The measures are widely viewed as a regulatory response to Bithumb's February incident, when the exchange mistakenly credited users with 620,000 BTC.
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