In a significant crackdown on voice phishing scams, South Korea's financial regulatory bodies have mandated the implementation of a unified, stringent withdrawal delay system across all domestic cryptocurrency exchanges. This move aims to counter the rising incidence of phishing attacks that exploit swift transaction capabilities. Previously, exchanges had the discretion to establish their own rules for bypassing holding periods, which fraudsters would then exploit by manipulating victims into navigating through these exceptions. The new rules, announced by the Financial Services Commission and Financial Supervisory Service, eliminate this discretion, requiring exchanges to apply uniform criteria - including account history, transaction patterns, and abrupt behavioral changes - when reviewing withdrawal exceptions.
As a result, less than 1% of users are expected to be eligible for immediate withdrawals. Furthermore, exchanges are now required to enhance identity verification processes and closely monitor fund transfers. This shift towards a nationally standardized approach contrasts with other markets, such as the U.S.
and Europe, where withdrawal hold periods are typically set by individual companies, with some even allowing users to set personal timelocks for added security.