99% Cold Wallet Rule Mulled by South Korea Following Binance Hack

South Korean financial regulators are reportedly considering introducing much stricter cryptocurrency storage requirements for local exchanges following the massive $6.3 billion Binance hack. According to a Nov. 3 report by South Korean news outlet News1, the country’s Financial Services Commission (FSC) is discussing raising the minimum proportion of customer cryptocurrencies that exchanges must store in cold wallets from the current 80% to approximately 99%. The potential regulatory change comes just days after Binance, the world’s largest cryptocurrency exchange, suffered one of the biggest security breaches in cryptocurrency history.