In a significant move to combat voice phishing scams, South Korea's financial regulatory bodies have mandated the implementation of a unified withdrawal delay system across all domestic cryptocurrency exchanges. This measure aims to counter the rising incidence of scams that exploit swift transaction capabilities.
previously, exchanges had the discretion to establish their own rules for bypassing holding periods, which fraudsters had learned to manipulate. The new rules, announced by the Financial Services Commission and Financial Supervisory Service, will require exchanges to apply consistent criteria when evaluating withdrawal exceptions, including account history, transaction patterns, and unusual behavioral changes.
As a result, fewer than 1% of users are expected to be eligible for immediate withdrawals. Additionally, exchanges must strengthen identity verification processes and enhance fund flow monitoring. This shift from industry-driven security measures to a nationwide standard differs from practices in other markets, such as the US and Europe, where withdrawal holds are typically set by individual companies.