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FIGR_HELOC $1.04 Hacks & Security · News brief
South Korea tightens crypto oversight after record Binance hack
Regulator asks domestic exchanges to raise cold-wallet holdings and reserves following a $6.3 billion theft from Binance.
Key takeaways
- Emergency meeting. The FSC convened exchanges, the Financial Supervisory Service, the Financial Security Institute and DAXA to review the Binance incident's impact on the local market.
- Cold storage push. Exchanges already must keep at least 80% of customer crypto offline; the regulator wants ratios raised further but announced no new threshold.
- Binance recovery. Binance said it had replaced about 95% of stolen assets by November 1 and restored withdrawals for 51 more tokens on November 3.
What happened
South Korea's Financial Services Commission has asked domestic cryptocurrency exchanges to increase the share of customer assets held in cold wallets and to strengthen their financial reserves, following a $6.3 billion hack at Binance. The request came after an emergency meeting the regulator convened with major exchanges and financial authorities, according to reports from Crypto.news and Blockonomi.
The session was chaired by Yu Young-jun, the FSC's director of digital finance policy, and brought together representatives of the Financial Supervisory Service, the Financial Security Institute and the Digital Asset eXchange Alliance, or DAXA. Officials reviewed how exchanges control access to internal systems, approve withdrawals and manage administrator privileges, and assessed whether the Binance incident had affected South Korea's market.
Exchanges were told to raise their cold-storage ratios above current levels, keep continuous watch over deposits and withdrawals, assign additional staff to incident response and set up procedures for quickly sharing information about unusual access attempts. Through DAXA, authorities also requested reports on exchange-level deposit and withdrawal activity linked to the Binance case.
The regulator did not announce a new uniform minimum for cold storage or specify how much extra money individual exchanges should set aside. It said it would continue working with other agencies and the industry to prevent further attacks and limit damage.
