Korea to Treat Crypto Exchanges Like Banks After Upbit Hack

South Korea is moving to impose bank-level liability standards on crypto exchanges following a $30.1 million hack at Upbit last month, shifting toward treating major platforms with the same regulatory rigor as traditional financial institutions. According to The Korea Times, the Financial Services Commission is reviewing provisions that would require crypto exchanges to compensate users for losses caused by hacking or system failures, regardless of fault, mirroring rules currently applied only to banks an ...