NewsBTC
Apr 8, 2026 upd. 8 Jun

South Korea orders five-minute asset reconciliations at crypto exchanges

2 min

South Korea tightens exchange controls. Bithumb delays its IPO beyond 2028 after a payout error.

The FSC ordered five‑minute asset reconciliations across all local exchanges. It issued the directive after an emergency sweep triggered by Bithumb’s February mistake that sent 620,000 Bitcoin to 249 users during a rewards promo the regulator announced.

Bithumb recovered 99.7% the same day and covered the remaining 1,788 BTC with company funds the exchange said. The inspection also found three of the five biggest exchanges reconciled only once every 24 hours. Trading‑halt systems were inadequate the FSC noted.

South Korea crypto oversight

What changes now

  • Automated systems must match ledgers to wallet balances every five minutes per the new rules.
  • Pre‑set thresholds must trigger automatic trading halts when discrepancies appear according to YNA.
  • High‑risk payouts require third‑party review and multi‑level internal sign‑off the report says.
  • High‑risk accounts must be segregated; automated payment verification becomes mandatory per the guidance.
  • Quarterly external reviews are replaced with monthly audits audit update. Exchanges must publish wallet‑ and ledger‑level asset breakdowns per YNA.

The FSC and DAXA aim to finalize the update before the end of April per YNA.

Bithumb’s IPO plans move past 2028, from an original 2025 target. The exchange hired Samjong KPMG and will dedicate 2027 to strengthening finance and controls before retrying the listing company site.

Headline: South Korea orders 5‑minute reconciliations; Bithumb pushes IPO past 2028