US EditionBank of Korea Calls for Stock-Style Circuit Breakers on BTC Exchanges
The central bank said 620,000 bitcoins were wrongly credited after a staff error, exposing weak controls and prompting calls for automatic trading halts.
- On Monday, the Bank of Korea recommended implementing stock-market-style circuit breakers for cryptocurrency exchanges in its annual Payment and Settlement Systems Report.
- Bithumb's February error involved an employee distributing 620,000 bitcoins worth about 60 trillion won due to an input mistake, which supervisors caught after 20 minutes.
- Panic selling crashed BTC on Bithumb by a 17% drop, as the BOK noted that Bithumb lacked internal controls to prevent staff from distributing assets without supervisor approval.
- Regulators plan to fold these safeguards into the pending Digital Asset Basic Act, mirroring the Korea Exchange system and emphasizing real-time IT verification of ledger balances.
- CME Group halts trading for two minutes when prices move 10% inside a 60-minute window, though regulators question if such halts effectively manage BTC's global nature.
15 Articles
15 Articles
The Korea Times
연합뉴스-Yonhap News AgencyBOK calls for introduction of circuit breakers for crypto exchanges
The central bank on Monday called for the introduction of mechanisms similar to the bourse operator's circuit breakers for cryptocurrency exchanges...
The Bank of Korea has suggested the need to introduce a "circuit breaker" similar to that of the Korea Exchange to virtual asset exchanges. In its "2025 Payment and Settlement Trends" released on the 13th, the Bank of Korea made this proposal after analyzing the cause of an incident last February in which the virtual asset exchange Bithumb mistakenly paid out Bitcoin due to an employee error. This incident occurred on February 6 when Bithumb mis…
South Korea Central Bank Calls for Circuit Breakers After US$43 Billion Bithumb Errror
South Korea’s central bank is urging local cryptocurrency exchanges to adopt stock market style circuit breakers, driving a push for new South Korea crypto regulation. The Bank of Korea outlined the proposal in its 2025 Payment and Settlement Report. The central bank cited an operational failure at Bithumb in February as evidence that the digital asset market requires traditional financial safeguards, as reported by The Block. Fat finger error t…
Bank of Korea Pushes Crypto Circuit Breakers to Prevent Sudden Market Breakdowns
South Korea is pushing crypto exchanges to adopt circuit breakers and stronger safeguards after internal control failures exposed vulnerabilities that can trigger sharp market disruptions. The Bank of Korea (BOK) warned current systems fall short of traditional financial standards. Key Takeaways: BOK urged crypto exchanges to adopt circuit breakers to curb extreme volatility. Central bank […]
Bank Of Korea Wants Crypto ‘Circuit Breakers’ After Bithumb’s 620,000 BTC Mistake
The Bank of Korea (BOK) has urged the cryptocurrency industry to adopt stronger safeguards after a major operational failure at crypto exchange Bithumb earlier this year. In comments made on Monday, South Korea’s central bank suggested that crypto exchanges should use new mechanisms designed to prevent mistakes like the one that led to an erroneous […]
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