South Korea requires cryptocurrency exchanges to verify assets every 5 minutes to strengthen internal controls Odaily Planet Daily News: The Financial Services Commission (FSC) of South Korea announced on Monday that it has required all domestic cryptocurrency exchanges to implement a 5-minute reconciliation between their ledgers and actual assets in response to internal control vulnerabilities exposed by the recent Bithumb payment incident. Emergency inspections have shown that three of the five major domestic exchanges only reconcile accounts once a day, making it difficult to detect and handle discrepancies in a timely manner; Some systems are unable to automatically suspend trading in the event of significant mismatches, causing regulatory concerns. According to the new regulations: 1. Exchanges need to establish an automated ledger wallet reconciliation system with a cycle of five minutes. 2. Set criteria for triggering automatic trading suspension due to significant differences. 3. High risk processes (such as promotional payments) require strengthened scrutiny, including third-party review and multi-level approval. 4. High risk accounts need to be independently managed, and payments require the use of automated verification tools. 5. The frequency of external audits has been changed from quarterly to monthly, and the scope of disclosure has been expanded to detailed asset balances by wallet and ledger. FSC stated that it will complete the relevant rule revisions in April 2026, following Bithumb's announcement of an IPO plan extension beyond 2028 to strengthen internal controls and accounting policies through 2027; Meanwhile, the equity swap between Naver Financial and Dunamu has been postponed until the end of September.