PANews reported on April 10th that, according to DigitalAsset, the Financial Intelligence Service (FIU) of South Korea has strengthened its oversight of deposits and withdrawals from personal wallets and overseas cryptocurrency exchanges by revising regulations under the Specific Financial Information Act. The new rules require reporting to authorities when transferring more than 10 million won in digital assets to personal wallets and abolish the previous travel rule, which only applied to transactions exceeding 1 million won.

Industry insiders worry that major overseas exchanges like Binance and OKX, as well as non-custodial wallet services such as MetaMask, may be classified as high-risk, leading to trading restrictions. Binance held a 29.42% global market share in spot and derivatives in March, while MetaMask accounted for 28% of the personal wallet market. Industry experts point out that if trading on most overseas exchanges and personal wallets is restricted, South Korea's digital asset ecosystem may face liquidity shortages and isolation from international markets. Some argue that if Binance is headquartered at the UAE and has obtained licenses such as VARA, it might be classified as a low-risk operator. Currently, the authorities have not yet classified specific overseas operators according to risk standards.