While fresh de-anonymity regulations become reality in South Korea, a great number of financial institutions have had no choice but to launch a series of quite troublesome compliance revisions on companies, which undertake exchange-based activities. It has forced South Korean financial institutions to turn even more critical when it comes to evaluating crypto transaction accounts. That’s a number one rule for South Korean crypto exchange ventures to work in this Asian country.
One of South Korea’s novice crypto exchanges, dubbed Coinpia has uncovered that it has to have its trading activity suspended because of banking-related issues. To be exact, transactions ceased following suspended KRW deposits.
The announcement has to do with the shifting legislative environment with fresh anonymity rules, which have a powerful impact on banking operations between financial institutions as well as cryptocurrency exchanges.
Opening a bank account to accept the national currency – that’s what Coinpa failed to do because of its crypto deeds.