Exchange In South Korea Halts Crypto Trading Over KYC Concerns

Coinpia, a South Korean exchange, has announced its decision to suspend depositing and trading at its exchange after it was unable to implement a KYC system as required by law. The government provided a tight deadline and expected all exchanges to be compliant by January 30th. However, for various reasons, this exchange could not do so.

Details of its Decision

According to Coinpia announcement that it made on Tuesday, the exchange suspended deposits of South Korean won on January 30. This was in a bid to ensure that it was compliant with the regulations issued by the Finance Services Commission of South Korea.

The notice on its site stated that, for now, it would not allow the transactions of Litecoin and Bitcoin. Investors would not be able to purchase any more coins, but they could still cash out whenever they wished. The statement further added that the exchange had been actively seeking a partner bank, but had failed to secure a contract with any of them. However, it did not indicate whether it would soon resume trading. More details: Exchange In South Korea Halts Crypto Trading Over KYC Concerns - New KYC Regulations Cause Panic in South Korean Exchange