Coinpia, a cryptocurrency exchange from South Korea stopped accepting fiat payment and executing trading operations, because the company did no fulfill the requirements of the KYC protocol in the country. This was published in a statement on the company’s website four days ago.
New and tighter regulations to prevent money laundering in South Korea were announced at the end of December and came into force on January 30th this year. When performing the crypto-fiat trading, all the cryptocurrency exchanges in the country now have to guarantee their users are using their real names connected to their bank accounts.
According to the statement issued by Coinpia, the cryptocurrency exchange stopped accepting new payment on January 30th, when the new regulations came into force. This decision was taken due to lack of a clear solution, since the company did not manage to set up the necessary systems for the verification of the users with the banks.
A day after the new regulations came into force, the Korean Customs Service (KCS), issued a press release saying that more than 600 million dollars in digital currencies have been traded in accordance with the new regulations.
