South Korean Crypto Exchanges Required to Prepare at Least $2.26M in Reserves

As reported by South Korean media News1, the South Korean authorities have required crypto exchanges to prepare at least 3 billion won (around $2.26 million) in reserves held in bank accounts starting from September so that they can compensate users should a security incident, such as hacking, happen.

According to the report, the Korea Federation of Banks asked the South Korean crypto exchanges that had been issued real-name accounts from banks to accumulate reserves of at least 3 billion won or 30% of their daily average deposits, and up to 20 billion won (around $15.07 million). Major exchanges like Upbit and Bithumb are prepared to follow the guidelines.

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