South Korean Regulator Demands Tighter Cold-Wallet Controls for Crypto Firms

South Korean financial regulators have called for increased cold wallet storage and tighter internal access controls just days after hackers siphoned $6.3 billion in digital assets from Binance. South Korean financial regulators have urged domestic cryptocurrency exchanges to strengthen their security protocols and increase the proportion of customer assets held in cold wallets. The directive came during an emergency inspection meeting convened by the Financial Services Commission (FSC) and attended by the country’s digital finance policy officer, Yoo Young-jun.