[Hot Brief | South Korea’s Financial Commission Holds Emergency Meeting with Exchanges: Cold Wallet Requirements Tightened Again]
After Binance’s $6.3 billion theft, regulators were not sitting idle either. Today (11/2), South Korea’s Financial Services Commission (FSC) summoned domestic exchanges such as Upbit and Bithumb for an emergency meeting.
A few verifiable points (Yonhap News, Asia Economy Daily 11/2):
1) The FSC requested a higher share of assets held in cold wallets (offline storage) and additional reserves; it also called for stricter approval for hot-wallet withdrawals, stronger system access controls, and monitoring of abnormal deposits and withdrawals.
2) South Korea’s current Virtual Asset User Protection Act already requires at least 80% of customer assets to be kept in cold wallets — actual ratios vary by exchange. Public data shows Upbit at about 99% and Bithumb at about 95%, while some are just around the 80% threshold.
3) The FSC also asked for deposit and withdrawal details related to the Binance incident to be reported through the industry alliance DAXA, and emphasized rapid reporting and sharing of abnormal access information.
My view:
After the biggest hack, regulators’ first reaction is to raise the cold-wallet requirement and make reserves thicker, which is the right direction. But for retail users, don’t put all your sense of safety on an exchange’s compliance ratio alone — store your own assets in cold storage when you should, and keep only what you need in hot wallets. A higher compliance floor does not mean zero risk.
Compiled from public information only, not investment advice.
$BTCUSDT $BNBUSDT
#安全 #监管 #DailyHotTopics
After Binance’s $6.3 billion theft, regulators were not sitting idle either. Today (11/2), South Korea’s Financial Services Commission (FSC) summoned domestic exchanges such as Upbit and Bithumb for an emergency meeting.
A few verifiable points (Yonhap News, Asia Economy Daily 11/2):
1) The FSC requested a higher share of assets held in cold wallets (offline storage) and additional reserves; it also called for stricter approval for hot-wallet withdrawals, stronger system access controls, and monitoring of abnormal deposits and withdrawals.
2) South Korea’s current Virtual Asset User Protection Act already requires at least 80% of customer assets to be kept in cold wallets — actual ratios vary by exchange. Public data shows Upbit at about 99% and Bithumb at about 95%, while some are just around the 80% threshold.
3) The FSC also asked for deposit and withdrawal details related to the Binance incident to be reported through the industry alliance DAXA, and emphasized rapid reporting and sharing of abnormal access information.
My view:
After the biggest hack, regulators’ first reaction is to raise the cold-wallet requirement and make reserves thicker, which is the right direction. But for retail users, don’t put all your sense of safety on an exchange’s compliance ratio alone — store your own assets in cold storage when you should, and keep only what you need in hot wallets. A higher compliance floor does not mean zero risk.
Compiled from public information only, not investment advice.
$BTCUSDT $BNBUSDT
#安全 #监管 #DailyHotTopics
