Financial Supervisory Service "Cryptocurrency Exchanges Must Establish Response Systems for System Failures"

The Financial Supervisory Service has demanded that cryptocurrency exchanges establish appropriate response systems related to system failures.

According to the industry on the 6th, the Financial Supervisory Service ordered at a meeting with CEOs of cryptocurrency businesses at its main office in Yeouido, Seoul, the previous day, "Cryptocurrency exchanges must establish a common industry response system, such as a Business Continuity Plan (BCP), to recover from system failures."

In this regard, Lee Jong-oh, Deputy Director of Digital and IT at the Financial Supervisory Service, urged, "Considering the 24-hour operation of the cryptocurrency market, efforts must be made to ensure IT stability beyond that of financial companies. A comprehensive re-evaluation of the operation of computer systems is necessary, and fundamental improvement measures must be established and implemented."

In response, cryptocurrency businesses stated that they have been working to prevent recurrence through server expansion and increased infrastructure investment following large-scale system failures at the end of last year, and they are committed to providing a safe trading environment for users in the future.