Coinpia is the South Korean cryptocurrency exchange which has stopped the trading and deposit process now after the announcement of New Regulations. As they can’t proceed with the new KYC requirements. South Korea, India, and China are the countries announced their regulation on trading with Cryptocurrencies to avoid illegal access.
As mentioned in the list, South Korea was the first who came with the new regulation and taking actions in last two months. From January 30, all the crypto exchanges in the country are started following the new regulations as all the customers in South Korea were using their real names and associated bank accounts when performing anything on Crypto trades.
In the statement, it reads like that the Coinpia exchange had suspended deposits and Trading on January 30 in order to meet the requirements of the Financial Services Commission.
Coinpia’s decision to halt trading came “in the absence of a clear solution”, as the company had not been able to set up the necessary systems for user verification with banks in time.
After this new announcement to the South Korea crypto trade, the Korea Customs Service (KCS) press release said that there are more than $600 million in virtual currency under the new regulation.