South Korean Cryptocurrency Exchange Late in Implementing New Regulation

South Korean cryptocurrency exchange Coinpia announced on February 6 that it has decided to cease trading in cryptocurrencies as of January 30, as it could not fulfill the new KYC requirements in the country on time.

Announced at the end of December. The new and stricter money laundering regulation came into effect on January 30th. Now every customer in the cryptocurrency market in the country has to use their real name and they need to use real bank accounts for crypto-real money transactions.

Coinpia said in a statement Financial Services Commission (FSC) announced that it has decided to cease its operations as of 30 January, as it could not fulfill the requirements of the new law introduced by . Coinpia stated that it had to take such a decision because it could not implement this system to verify the authenticity of its customers in a timely manner, and that they would not be able to continue their transactions until they found a solution. announced that $600 million was a digital currency transaction in the market in accordance with this law.

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