TechFlow News, April 8: According to CoinDesk, South Korea’s Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) jointly announced new regulations requiring all domestic cryptocurrency exchanges to adopt a uniform withdrawal delay review standard to curb voice phishing scams.
The new rules revoke exchanges’ authority to set their own withdrawal exemption criteria, instead mandating a standardized review process based on account history, trading patterns, and behavioral anomalies. It is estimated that fewer than 1% of users will qualify for instant withdrawals. Platforms must also strengthen identity verification and monitoring of fund flows.
Previously, fraud syndicates exploited knowledge of individual platforms’ exemption rules to guide victims in converting cash into cryptocurrency and withdrawing funds within minutes.
