In a significant crackdown on phishing scams, South Korea's financial regulatory bodies have mandated that all local cryptocurrency exchanges implement a unified, stringent system for handling withdrawal delays. This move aims to counter the increasing incidence of voice phishing scams, which often rely on rapid transaction execution. Previously, exchanges had the discretion to allow users to bypass holding periods, but this flexibility has been removed. The new rules, announced by the Financial Services Commission and Financial Supervisory Service, 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. Furthermore, exchanges must enhance identity verification processes and closely monitor fund transfers. This development signifies a shift from self-regulatory measures to a standardized national approach, differing from practices in markets like the U.S. and Europe, where withdrawal holds are more commonly determined by individual companies.