South Korea’s five major exchanges disclose reserves, Upbit’s reserves reach 20 billion won

Odaily Planet Daily News South Korea’s five major cryptocurrency exchanges disclosed their reserves to deal with hacker attacks, network failures and other situations. According to data submitted by the Office of Financial Supervisory Service Representative Kim Hee-gon, Upbit, South Korea’s largest cryptocurrency exchange, has prepared a total of 20 billion won in reserves in cooperation with K-Bank. Bithumb, the industry’s second-largest exchange that partners with NH Bank, has reserves of 10 billion won, while Coinone, which partners with Kakao Bank, has reserves of 7.3 billion won. In addition, Korbit, which is partnered with Shinhan Bank, and Gopax, which is partnered with Jeonbuk Bank, have also prepared 3 billion won each to meet the minimum requirements. In July this year, the Federation of Korean Banks issued the "Operation Guidelines for Virtual Asset Real-Name Accounts", requiring cryptocurrency exchanges to reserve 30% of the average daily deposits or 3 billion won (whichever is larger) in their partner banks as reserves. The maximum limit is 20 billion won. If 30% of the average daily deposits exceeds 20 billion won, a maximum of 20 billion won can only be set aside as reserves.