South Korea to Strengthen CEX Asset Reconciliation Mechanism: Requires 5-Minute Reconciliation, Daily Disclosure, and Monthly Audit

BlockBeats News, April 6th, according to Yonhap News Agency, the Financial Services Commission (FSC) of South Korea has requested local crypto exchanges to establish a system to reconcile internal ledgers with actual crypto asset holdings every 5 minutes by the end of May and to disclose daily asset balance matching and undergo monthly external audits by accounting firms. This move is seen as a regulatory tightening measure following the incident in February this year when Bithumb mistakenly sent 620,000 BTC to users.