South Korean financial authorities officially implement an enhanced virtual asset withdrawal delay system

According to News1, the Financial Services Commission (FSC) of South Korea and the Financial Supervisory Service (FSS) announced that they will work together with the Digital Asset Exchange Association (DAXA) and various virtual asset exchanges to officially implement the "Enhanced Withdrawal Delay System." The authorities have strengthened the exception criteria for withdrawal delays and established unified internal regulations. In the future, factors such as the number of transactions, transaction duration, and deposit and withdrawal amounts must be considered.

The system aims to prevent telecom fraud proceeds from flowing to external wallets by restricting certain groups, such as new users, from withdrawing virtual assets within a specified period. Due to the inconsistent standards and lack of clear benchmarks among exchanges in the past, this loophole was exploited by criminals. According to statistics, from June to September last year, 59% of the fraudulent accounts in virtual asset exchanges belonged to "exception accounts" subject to withdrawal delays.