In a bid to combat the rising tide of 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 move aims to thwart scams that rely on rapid transaction processing. 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 behavior.
As a result, fewer than 1% of users are expected to be eligible for immediate withdrawals. Additionally, exchanges must enhance identity verification processes and closely monitor fund transfers. This shift towards a national standard marks a departure from the previously industry-led approach to security measures.
In contrast, other markets like the U.S. and Europe often have withdrawal holds in place, but these are typically set by individual companies, with some even allowing users to set personal timelocks to prevent unauthorized withdrawals.