South Korean Crypto Exchange Interrupts Negotiation, Unable to Comply with New Regulations

South Korean Coin Crypt Coin Exchange Suspended Fiduciary Deposits and Commercial Transactions After Company Clears Has not been able to meet the country's new KYC requirements. The new, stricter money-laundering regulation in South Korea was first announced at the end of December and came into force on January 30th. Now, all cryptocurrency exchanges in the country must ensure that all their customers use their real names and associated bank accounts when they perform cryptographic transactions.

According to their statement, the Coinpia Stock Exchange had ceased accepting trust deposits on January 30 to meet the requirements of the Financial Services Commission (FSC). Coinpia's decision to stop trading came " [i] in the absence of a clear solution ", the company having not been able to put in place the necessary systems of verification with the banks.

As Cointelegraph reported last week, the day after the entry into force of the KYC law, the Korean Customs Service (KCS) issued a press release revealing that more than 600 million dollars in digital currency had been exchanged under the new law.