Korean Crypto Exchanges Update Terms for Deposit Returns and Interest Payments

Cryptocurrency exchanges have clarified customer deposit returns and interest payments ahead of the ‘Virtual Asset User Protection Act’ implementation next month.

Starting on the 19th of next month, exchanges like Upbit will update their terms and conditions to grant users the right to withdraw KRW deposits, in addition to crypto assets.

Exchanges will also pay interest on customer deposits. Upbit and Coinone have included terms stating that they will establish criteria for calculating and paying deposit fees to members. The exact amount and basis for these fees are still undecided.

Upbit has previously received interest from K-Bank, but now other exchanges, like Coinone, are also ensuring their users can receive interest.

Other protective measures include retaining transaction records for 15 years, minimizing deposit and withdrawal blocks, and supporting withdrawals during service interruptions.

These revisions comply with the User Act, which mandates secure storage of deposits and crypto assets, allowing investments only in safe assets like government bonds.

An exchange official stated that they are overhauling their systems and regulations to ensure a safe trading environment for users in line with the new Act.

Read More : DAXA Enhances Investor Protections Ahead of New Cryptocurrency Regulation Implementation