South Korea orders crypto exchanges to verify holdings every 5 minutes

An inspection found slow reconciliation cycles and weak trade-halting systems across major crypto exchanges..

• An inspection found slow reconciliation cycles and weak trade-halting systems across major crypto exchanges
• Cointelegraph in your social feed South Korea has ordered all crypto exchanges to reconcile their internal ledgers with actual asset holdings every five minutes after an inspection uncovered weaknesses in internal controls
• The directive wasannouncedon Monday by the Financial Services Commission (FSC) after a meeting with top crypto exchanges and the Digital Asset Exchange Alliance (DAXA), during which they discussed the findings of an emergencyinspection triggered by the Bithumbpayout