According to South Korean regulators and local reports, unified withdrawal-delay standards across registered exchanges aim to curb voice phishing abuse after exempt accounts accounted for most identified fraud-linked cases.
South Korea’s Financial Services Commission, Financial Supervisory Service, and DAXA are introducing unified standards for crypto withdrawal delays across all registered domestic exchanges to close exchange-specific loopholes that scammers exploited. Since May 2025, exchanges have been required to delay withdrawals for 24 to 72 hours after deposits, but exemption criteria had been set individually by each platform based on account age, trading activity, transaction size, and misconduct history. Local reports said these exemptions were widely abused in voice phishing schemes, with 59% of identified fraud-linked exchange accounts between June and September 2025 falling into exception categories that avoided the delay. Regulators now want exempt accounts reduced to under 1% of users, while requiring tighter KYC, source-of-funds checks, recurring annual verification, and more systematic monitoring of withdrawal patterns. The move follows other recent South Korean crypto controls, including a five-minute asset-matching requirement ordered by the FSC.