South Korean Crypto Exchange Halts Trading, Unable To Comply With New Regulations

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In light of the Jan. 30 implementation of the new, stricter anti-money laundering regulations in South Korea, which was first announced in December, cryptocurrency exchange Coinpia has suspended their fiat deposits and trading operations.

This was due to their failure to meet the new KYC requirements in time. According to the new regulations, cryptocurrency exchanges in the country must now ensure that all customers will be using real names and provide associated bank accounts for their crypt-fiat trades.

In the face of inability to come up with a clear solution to meet the requirements of the Financial Services Commission (FSC), the company will now have to set up the necessary systems needed for proper user verification if they want to continue with their operations.

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