South Korea’s Financial Services Commission (FSC) has urged crypto exchanges to increase cold storage following Binance’s reported US$6.3 billion hot-wallet incident.

The regulator held an emergency meeting on 2 November with major exchanges and financial security agencies.

FSC Digital Finance Policy Director General Yu Young-jun chaired the meeting, which examined domestic exchange security systems.

South Korea already requires exchanges to store at least 80% of customers’ virtual assets in offline cold wallets.

The FSC also urged exchanges to increase reserves, continuously monitor deposits and withdrawals, and add security response personnel.

Regulators examined system access controls, hot-wallet withdrawal approvals, transaction…