South Korea urges exchanges to boost cold storage after Binance hack
Summary
South Korea’s Financial Services Commission urged crypto exchanges to increase cold-wallet holdings and strengthen access controls, withdrawal approvals, monitoring and incident response after a reported $6.3 billion Binance hot-wallet attack. South Korean law already requires exchanges to keep at least 80% of customer assets in cold storage. September figures ranged from 80.54% at GOPAX to 99.17% at Upbit. The FSC also called for additional reserves and prompt sharing of information about suspicious access attempts. Separately, the Bank of Korea is surveying banks and brokerages on crypto-related risks; that review began before the Binance attack.
