South Korea's Financial Intelligence Service plans to tighten rules on transfers between personal wallets and overseas exchanges.

CoinFeed reported on April 10th, citing DigitalAsset, that the South Korean Financial Intelligence Service (FIU) has strengthened its oversight of 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 minimum threshold of 1 million won for transactions under the Travel Rule. Industry insiders are concerned that major overseas exchanges such as Binance and OKX, as well as non-custodial wallet services like MetaMask, may be classified as high-risk, leading to trading restrictions. In March, Binance held a 29.42% global market share in spot and derivatives, while MetaMask held a 28% share of the personal wallet market.