News · Regulation & Policy
The Financial Services Commission convened an emergency security meeting with major exchanges, urging reserves and offline custody beyond current legal minimums.
Key point 1 of 3
01
The FSC urged South Korean crypto platforms to raise cold storage ratios above current levels after Binance lost $6.3 billion from hot wallets.
Key point 2 of 3
02
South Korean regulations require an 80% minimum cold wallet ratio; September data showed ratios spanning 80.54% at GOPAX to 99.17% at Upbit.
Key point 3 of 3
03
The Bank of Korea is surveying 18 banks and 13 brokerages on risk exposure to major platform collapses and broad market contractions.
Context
South Korea enforces strict custodial rules under its regulatory framework, requiring an 80% cold wallet ratio.
Why it matters
Exchanges near the statutory floor like GOPAX and Digital X face operational pressure to migrate higher balances offline and post supplemental reserves, while domestic banks face…
What to watch
Follow upcoming reserve policy announcements from the FSC and the completed Bank of Korea risk exposure assessment across 18 banking and 13 brokerage institutions.
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