South Korean financial regulators require cryptocurrency exchanges to establish unified standards and improve compensation mechanisms

ChainCatcher news, the Financial Supervisory Service (FSS) of South Korea convened a meeting with the CEOs of cryptocurrency exchanges and representatives from DAXA to discuss the recent frequent system failures and response plans. The FSS urged the industry to establish unified standards and create a reasonable compensation mechanism to protect user rights.

Regulators pointed out that factors such as the rise of the Trump administration in the United States have heightened market expectations for crypto assets, making the stability of exchanges particularly critical. However, several exchanges have recently experienced system failures, leading to trading interruptions, causing user losses, and exacerbating the crisis of trust in the market.