Article

[Korea's Financial Services Commission urgently convenes crypto trading platforms for a security inspection; cold-wallet storage ratio must reach 80%]

Korea's Financial Services Commission urgently convened representatives of trading platforms including Upbit, Bithumb, and Coinone on the morning of November 2 for a security inspection meeting, focusing on the platforms' preparedness for large-scale hacking attacks and their user asset protection systems. The meeting was held before the November 5 security inspection meeting for the entire financial industry. In response to Binance's recent large-scale asset theft incident, it will assess the Korean crypto industry's countermeasures and discuss options such as raising the proportion of user assets stored in cold wallets. Under Korea's current Virtual Asset User Protection Act, trading platforms must store at least 80%of users' virtual assets in cold wallets isolated from the internet. Upbit's cold-wallet storage ratio exceeds 99%, Bithumb's is approximately 94%, Coinone's is approximately 85%, while Digital X and Gopax are just over 80%.