South Korea Requires Crypto Exchanges to Keep at Least 80% in Cold Wallets

South Korea’s Financial Services Commission (FSC) required domestic crypto exchanges to store at least 80% of users’ crypto assets in cold wallets at its Nov. 2 meeting on hacking defenses and asset protection. The meeting also considered increasing cold-storage ratios and cited the Binance attack as a security example. Upbit’s cold-storage ratio was above 99%, while Bithumb’s was about 94% and Coinone’s was about 85%. DigitalX and Gopax were each a little above 80%, near the minimum set by the commission. Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.