South Korea Enforces Mandatory Crypto Assets Withdrawal Latency to Combat Voice Phishing Scams

[Coin World] Coin World reported on June 24 that the Digital Asset Exchange Association of Korea (DAXA), composed of five major cryptocurrency exchanges in South Korea, announced that starting from June 24, all exchanges in South Korea that exchange fiat for crypto assets will adopt a withdrawal latency system. This measure aims to prevent voice phishing scams, where criminals convert stolen funds into virtual assets. Although some exchanges had previously voluntarily implemented similar systems, there were differences in standards and processes across platforms, raising concerns about the overall effectiveness of these measures in preventing such scams.