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Regulation
South Korea Considers Requiring Crypto Exchanges to Store 99% of Funds in Cold Wallets
(2 hours ago) · 1 source · Summarized by CryptoBipto
Following a major hack of Binance, South Korean regulators are reportedly considering a rule that would require cryptocurrency exchanges to keep at least 99% of customer funds in cold wallets. The proposed measure aims to reduce the risk of large-scale theft from exchange hot wallets.
WHY IT MATTERS
When you keep cryptocurrency on an exchange, the exchange holds your funds in digital wallets.
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SOURCES
- cryptopotato.com
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Cold StorageExchange SecuritySouth Korea RegulationCrypto Custody