[South Korea's Financial Services Commission (FSC) convenes emergency meeting with exchanges regarding the Binance hack, demanding increased cold wallet ratios] According to South Korean media outlet Bizwatch, the FSC convened an emergency meeting on November 2nd with the Financial Supervisory Service, the Financial Security Service, the Korea Digital Asset Exchange Alliance (DAXA), and major domestic virtual asset exchanges regarding the Binance hack. The meeting focused on reviewing exchanges' IT system access controls, approval and signature systems for asset transfers from hot wallets and other wallets, and administrator privilege management. The FSC demanded that exchanges increase their cold wallet holding ratios, implement real-time monitoring of asset inflows and outflows, increase emergency response personnel, and set aside additional reserves. Previously, on October 30th, approximately $6.3 billion in assets were transferred from Binance's hot wallet without authorization.