Odaily Planet Daily reports: On Monday, South Korea’s Financial Services Commission (FSC) mandated that all domestic cryptocurrency exchanges implement real-time ledger-to-asset reconciliation every five minutes, in response to internal control vulnerabilities exposed by the recent Bithumb payment incident.
An emergency review revealed that three of the five major domestic exchanges reconcile accounts only once per day, making it difficult to promptly detect and resolve discrepancies; some systems are unable to automatically halt trading when significant mismatches occur, raising regulatory concerns.
According to the new regulations:
1. The exchange must establish an automated ledger-wallet reconciliation system with a five-minute cycle.
2. Set criteria for triggering automatic trade suspension due to significant discrepancies.
3. High-risk processes (such as promotional payments) must undergo enhanced review, including third-party verification and multi-level approval.
4. High-risk accounts must be managed separately, and payments must use automated verification tools.
5. The frequency of external audits has been changed from quarterly to monthly, and the disclosure scope has been expanded to include detailed asset balances by wallet and ledger.
The FSC stated that it will complete the relevant rule revisions by April 2026, following Bithumb’s announcement to delay its IPO until after 2028 to strengthen internal controls and accounting policies by 2027; additionally, the equity swap between Naver Financial and Dunamu has been postponed until the end of September. (Cointelegraph)