The Financial Supervisory Service of South Korea allows for the postponement of notification regarding restrictions on deposits and withdrawals of crypto assets in special circumstances

2024-11-18 11:18:07
Collection

ChainCatcher message states that according to South Korea's "Virtual Asset User Protection Act," exchanges must notify users in advance of the reasons for blocking deposits and withdrawals. However, the Financial Supervisory Service's latest "Non-Action Opinion" indicates that in emergencies such as hacking attacks, money laundering, or fraud, exchanges may delay notification and prioritize implementing deposit and withdrawal restrictions.
At the same time, the regulation adds strict conditions: a comprehensive assessment must be made to determine whether the reasons for the restrictions are foreseeable and the necessity of delaying notification. For special requests made by administrative or investigative agencies, the Financial Supervisory Service also emphasizes that, without justifiable reasons, the principle of prior notification must still be upheld to protect investors' rights from being infringed.

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.
banner
ChainCatcher Building the Web3 world with innovators