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

in #bitcoin • 6 years ago

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

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South Korean cryptocurrency exchange Coinpia has suspended fiat deposits as well as trading operations after the company was not able to meet the country’s new KYC requirements in time, as stated in an announcement on their site Tuesday, Feb. 6. The new, stricter anti money laundering regulations in South Korea were first announced in late December and  took effect on Jan. 30. Now all cryptocurrency exchanges in the country must ensure that all of their customers use their real names and associated bank accounts when performing crypto-fiat trades. According to their statement, the Coinpia exchange had stopped accepting fiat deposits on Jan. 30 in order to meet the requirements of the Financial Services Commission (FSC). Coinpia’s decision to halt trading came “[i]n 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. As Cointelegraph reported last week, the day after the KYC law went into effect, the Korea Customs Service (KCS) published a press release that revealed that more than $600 mln in digital currency had been traded under the new law. Source Cointelegraph [sc name="Ads"]
#steem #steemit #blog #kr
6 years ago in #bitcoin by
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     6 years ago  

    Woff, woff!

    Hello @vichetuc, We have met 307 times already!

    I'm a guide dog living in KR community. I can see that you want to contribute to KR community and communicate with other Korean Steemians. I really appreciate it and I'd be more than happy to help.

    KR tag is used mainly by Koreans, but we give warm welcome to anyone who wish to use it. I'm here to give you some advice so that your post can be viewed by many more Koreans. I'm a guide dog after all and that's what I do!

    Tips:

    • If you're not comfortable to write in Korean, I highly recommend you write your post in English rather than using Google Translate.
      Unfortunately, Google Translate is terrible at translating English into Korean. You may think you wrote in perfect Korean, but what KR Steemians read is gibberish. Sorry, even Koreans can't understand your post written in Google-Translated Korean.
    • So, here's what might happen afterward. Your Google-Translated post might be mistaken as a spam so that whales could downvote your post. Yikes! I hope that wouldn't happen to you.
    • If your post is not relevant to Korea, not even vaguely, but you still use KR tag, Whales could think it as a spam and downvote your post. Double yikes!
    • If your post is somebody else's work(that is, plagiarism), then you'll definitely get downvotes.
    • If you keep abusing tags, you may be considered as a spammer. It may result to put you into the blacklist. Oops!

    I sincerely hope that you enjoy Steemit without getting downvotes. Because Steemit is a wonderful place. See? Korean Steemians are kind enough to raise a guide dog(that's me) to help you!

    Woff, woff! 🐶

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     6 years ago  

    kr-guide!

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       6 years ago  

      Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
      https://www.youtube.com/watch?v=knqtg_6APkU

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         6 years ago  

        ATTENTION: This user is blacklisted
        due to plagiarizing, spamming or identity theft !
        By voting on this post you'r directly supporting
        this person to steal other peoples hard work !

        @vichetuc type @steembusters help in a comment !