South Korean Crypto Exchanges Required to Prepare at Least $2.26M in Reserves

As reported by South Korean media News1, the South Korean authorities have required crypto exchanges to prepare at least 3 billion won (around $2.26 million) in reserves held in bank accounts starting from September so that they can compensate users should a security incident, such as hacking, happen.

According to the report, the Korea Federation of Banks asked the South Korean crypto exchanges that had been issued real-name accounts from banks to accumulate reserves of at least 3 billion won or 30% of their daily average deposits, and up to 20 billion won (around $15.07 million). Major exchanges like Upbit and Bithumb are prepared to follow the guidelines.

• Stay updated with the most important cryptocurrency news and valuable insights, conveniently delivered to your email every day. Subscribe to the TokenInsight mailing list now!
• Prefer social media? Follow us on Twitter, or subscribe to our Telegram channel!
• If you have news reports or announcements that you want to reach a wider audience, feel free to email us at [email protected]