[2018-02-06] Korean Exchange Halts Crypto Trading due to KYC System

[Rick Nolan]

South Korean cryptocurrency exchange Coinpia has announced on Tuesday it will suspend trading and deposits after it was unable to implement a customer identification system in line with a recently enacted government mandate. Exchange executives said the company has to halt trading to comply with anti-money laundry and know-your-customer rules.

Read more: https://hype.codes/korean-exchange-halts-crypto-trading-due-kyc-system

Do you agree with the new government policy related to KYC system?

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[1Referee]

Catchy title again. Title should be -> Korean exchange halts crypto trading due to its incompetence.

If you can't get your shit together, then it's logical and the only legal option to halt your operations till you sort it out, because otherwise you're basically operating on illegal ground. This incompetence again leads to user damage because there is no way for people to buy or sell in a market being as heavily active as it is right now. I definitely understand that the higher demand and quickly changing laws are quite hard to catch up on in some cases, but if you run an exchange where you are supposed to serve the users, at least try to do your best in making them not experience any problems. Seriously, shame on the shitty centralized exchanges of current times.