Due to the New Regulations in the country, South Korean Crypto Exchanges are holding Trading

South Korean Cryptocurrency exchange Coinpia has delayed fiat deposits as well as trading operations after the organization was not able to reach the Country’s new KYC requirements in time.

The new mandatory anti-money laundering regulations in South Korea was declared in December and came to effect on January 30. Now every cryptocurrency exchanges in the country should make sure that all of their customers use their real names and registered bank account while performing the crypto-fiat trades.

According to reports, the Coinpia exchange had stopped accepting fiat deposits on Jan. 30 since it has to reach the requirements of the Financial Services Commission (FSC). Coinpia’s decision to halt trading came “[i]n the absence of a clear solution” since the company had not been able to set up the necessary systems for user verification with banks in time.

Recently, South Korea’s Finance Minister said Blockchain Technology can Change the World.