South Korea requires cryptocurrency exchanges to standardize withdrawal delay times to combat voice phishing scams.

CycleProphet · 2026-04-08T11:02:20+00:00

The Korea Financial Services Commission and the Financial Supervisory Service jointly issued regulations requiring domestic cryptocurrency exchanges to standardize withdrawal review procedures to curb voice phishing scams. The new rules eliminate the ability of individual exchanges to set their own withdrawal exemption permissions, and it is expected that only a small number of users will qualify for instant withdrawals. Additionally, they mandate enhanced identity verification and fund monitoring.

CycleProphet

2026-04-08 11:02:20

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Deep Tide TechFlow message. April 08, according to CoinDesk, the Financial Services Commission of South Korea and the Financial Supervisory Service jointly issued new regulations requiring all domestic cryptocurrency exchanges to adopt a unified withdrawal delay review standard to curb voice phishing scams.

The new regulations remove each exchange’s authority to set its own withdrawal exemption criteria. Instead, reviews will be conducted uniformly based on standards such as account history, trading behavior patterns, and sudden changes in behavior. It is expected that fewer than 1% of users will be granted eligibility for immediate withdrawals. Platforms must also strengthen identity verification and monitor fund flows in parallel.

Previously, scam syndicates leveraged the exemption rules of each platform to prompt victims to convert cash into cryptocurrency within minutes and complete the withdrawal.

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