South Korea Reviews Exchange Defenses After $6.3 Billion Binance Hack

South Korea’s Financial Services Commission reviewed crypto exchange access and withdrawal controls after a Binance hot-wallet breach affected about $6.3 billion in token assets, focusing attention on safeguards used by platforms serving global markets. The commission convened an emergency meeting on Nov. 2 in South Korea with the Financial Supervisory Service, Financial Security Institute, DAXA and major virtual-asset providers. It urged exchanges to review system access, hot-wallet withdrawal approvals, signing procedures and administrator permissions. It also called for higher cold-wallet holdings, continuous deposit and withdrawal monitoring, more response staff, faster reporting, sharing information about abnormal access attempts and additional reserves.