[South Korea Requires Cryptocurrency Exchanges to Verify Holdings Every 5 Minutes] According to a report by Jinse Finance, South Korea has ordered all cryptocurrency exchanges to reconcile their internal ledgers with actual asset holdings every 5 minutes after an inspection revealed deficiencies in internal controls. The directive was announced on Monday by the Financial Services Commission (FSC) of South Korea. Previously, the FSC held a meeting with major cryptocurrency exchanges and the Digital Asset eXchange Alliance (DAXA) to discuss the findings of an emergency inspection triggered by the Bithumb payment incident. The inspection revealed that three out of South Korea's five largest exchanges only conducted balance checks every 24 hours, limiting their ability to respond quickly to discrepancies. Systems designed to address significant mismatched transactions were also found to be inadequate, raising concerns about how exchanges handle large-scale errors. In February of this year, Bithumb mistakenly distributed 620,000 Bitcoin (BTC) (valued at $68,390) to 249 users during a promotional event. The exchange later announced that 99.7% of the funds had been recovered on the same day. The remaining 0.3% (1,788 BTC, which had already been sold) was covered by the company's reserves.