Gate News message. On April 8, the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) of South Korea announced that they will jointly consult with the Digital Asset eXchange Joint Consultation Organization (DAXA) and each virtual asset exchange to formally implement the “enhanced version of the withdrawal delay system.” The authorities tightened the exception criteria for withdrawal delays and also set unified internal regulations. Going forward, requirements will need to consider factors such as the number of trades, the trading period, and the deposit and withdrawal amounts. The purpose of this system is to restrict certain groups—such as new users—from withdrawing virtual assets within a specified time window in order to prevent proceeds from telecommunication fraud from flowing to external wallets. Previously, because exchanges had inconsistent standards and lacked clear benchmarks, the loophole was exploited by criminals. Data shows that between June and September last year, 59% of the scam accounts at virtual asset exchanges belonged to “exception accounts” under the withdrawal delay system.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Encouraging innovation! A U.S. judge bans Arizona’s regulators from prediction markets and suspends the prosecution of Kalshi
A U.S. federal district court has ruled that Arizona is barred from using its gambling law to sue the prediction market platform Kalshi, finding that the Federal Commodity Futures Trading Commission has exclusive jurisdiction. The ruling affects the boundary between state and federal authority in financial market regulation, and Kalshi maintains that its business falls under financial products rather than traditional gambling. Courts in different states have issued differing rulings on prediction markets, and the Trump family has also expressed support for prediction markets.
CryptoCity5m ago
Can bypass Financial Supervisory Commission (FSC) rules to buy crypto by card? Odin Travel launches a U.S. card-based crypto purchase service, Wallet Pro.
OwlPay and Wallet Pro services launched by Odin Tithing use stablecoin technology to enable B2B cross-border payments, and partner with international payment giants to demonstrate its expansion ambitions in the fintech space. Through offshoring operations, Odin Tithing bypasses Taiwan’s regulatory restrictions, offering fast virtual-asset trading; meanwhile, faced with the newly promulgated Virtual Asset Services Act, it is expected to become a reference template for other foreign-funded companies entering the Taiwan market.
CryptoCity1h ago
Encourage innovation! A U.S. judge bans Arizona-regulated prediction markets and suspends prosecution against Kalshi.
A U.S. federal district court has ruled that Arizona is barred from using the gambling law to prosecute the prediction market platform Kalshi, finding that the federal Commodity Futures Trading Commission has exclusive jurisdiction. The ruling affects the line between state and federal authority over financial market regulation, while Kalshi maintains that its business is a financial product rather than traditional gambling. Decisions on prediction markets vary from state to state, and the Trump family has also expressed support for prediction markets.
CryptoCity3h ago
Nauru appoints crypto entrepreneur Dadvan Yousuf as Commissioner for International Trade, driving a digital asset strategy
Nauru appoints cryptocurrency entrepreneur Dadvan Yousuf as its Commissioner for International Trade to advance a digital asset strategy, attract global investment, strengthen cooperation with virtual service providers and technology companies, and help position Nauru as a virtual asset hub.
GateNews4h ago
Is it possible to bypass the Financial Supervisory Commission’s rules on using credit cards to buy crypto? Odingding promotes the Wallet Pro crypto purchase service with a U.S. debit card
OwlPay and Wallet Pro services launched by Oding Ding use stablecoin technology to enable B2B cross-border payments, and they have partnered with international payment giants to showcase their expansion ambitions in the fintech space. By operating from abroad, Oding Ding bypasses Taiwan’s regulatory restrictions, offering fast virtual-asset trading; at the same time, faced with the newly enacted Virtual Asset Services Act, it may in the future become a reference template for other foreign-funded companies entering the Taiwan market.
CryptoCity4h ago
Bank of Korea Calls for Crypto Market Circuit Breaker After Bithumb Error
The Bank of Korea advocates for a circuit breaker in South Korea’s crypto market after Bithumb's February blunder, where 620,000 BTC was mistakenly distributed. The proposal aims to enhance market safeguards and contain operational errors through a halt mechanism similar to stock markets.
CryptoNewsFlash4h ago
