Big changes are coming to crypto exchanges in South Korea. After a major hack on Upbit, the government decided to step in and boost consumer protection.
What's Changing?
The plan is to make crypto exchanges follow the same rules as banks when it comes to keeping customers' money safe. This means if something goes wrong, the exchange will have to pay customers back, no questions asked.
Why Now?
The Upbit hack showed that there are big gaps in how crypto exchanges protect their customers. The government wants to fill these gaps and make sure people feel safe using crypto.
- Crypto exchanges will have to follow bank-level security rules
- No-fault compensation will be mandatory, like with banks
- This means customers will get their money back if something goes wrong, without a fight
