FSS chief: 5-minute balance sync at crypto exchanges is too slow

Lee Chan-jin, Governor of South Korea’s Financial Supervisory Service (FSS), has called for virtual asset exchanges to implement real-time systems for synchronizing their ledgers and account balances, Digital Asset reported. His comments follow a recent incident where South Korean exchange Bithumb incorrectly distributed BTC. Lee stressed that stability can only be ensured when an exchange's actual holdings and its ledger match in real-time. He noted that while Upbit synchronizes its data every five minutes, he questioned whether this interval is adequate, suggesting that policymakers and the National Assembly should discuss the necessity of a true real-time system. The FSS governor added that he hopes this issue will be addressed in the second phase of virtual asset legislation, attributing the current shortcomings to the institutional limitations of the existing self-regulatory framework.