South Korea Supreme Court Rules Crypto on Exchanges Can Be Seized

South Korea’s Supreme Court has ruled that cryptocurrencies held on local exchanges can be seized under existing laws. This decision eliminates a long-standing legal gray area and changes how crypto assets are treated in criminal cases.

The ruling affects users of major exchanges like Upbit and Bithumb, which together hold over $33 billion in crypto. On January 8, the court decided that Bitcoin and other cryptocurrencies qualify as seizable property under the Criminal Procedure Act.