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>>South Korea enforces a five‑minute audit requirement for cryptocurrency platforms.

South Korea enforces a five‑minute audit requirement for cryptocurrency platforms.

crypthub

about 7 hours ago

IPO Delay and Regulatory Trigger

Bithumb postponed its stock‑market listing to at least 2028 after a February mishap sent 620,000 BTC to 249 users. The error prompted a swift regulator inspection, revealing weak accounting and internal controls. Consequently, the exchange pushed back its original 2025 IPO target and began a comprehensive overhaul.

New Operational Requirements

South Korea’s Financial Services Commission now mandates five‑minute reconciliations between ledger records and actual wallet balances for all crypto exchanges. Automatic trading halts must trigger when preset discrepancy thresholds are breached, and high‑risk actions such as promotional payouts need third‑party review and multi‑level approval. Monthly audits, mandatory public balance breakdowns, and automated verification tools for high‑risk accounts are also required.

Industry Response and Outlook

Bithumb engaged Samjong KPMG to tighten its financial policies, planning 2027 as a remediation year before another IPO attempt. Naver Financial delayed its share‑swap with Dunamu, moving the shareholder vote to August 18 and closing by September 30. The tightened regulatory regime signals reduced tolerance for errors across South Korea’s active crypto market.