South Korea demands cryptocurrency exchanges to unify withdrawal delay standards to combat voice phishing scams

According to CoinDesk, the Financial Services Commission and the Financial Supervisory Service of South Korea jointly issued new regulations requiring all domestic cryptocurrency exchanges to adopt a unified withdrawal delay review standard to curb voice phishing scams.

The new regulations eliminate the authority of each exchange to set its own withdrawal exemption conditions, and reviews will be uniformly based on standards such as account history, trading patterns, and behavioral anomalies. It is expected that less than 1% of users will qualify for instant withdrawals. Platforms must also strengthen identity verification and fund flow monitoring. Previously, scam groups exploited the exemption rules of various platforms to guide victims to convert cash into cryptocurrency and complete withdrawals within minutes. This new regulation marks a shift in South Korea's cryptocurrency risk control system from industry self-regulation to a national unified standard.