Coinpia Has Temporarily Suspended Its Crypto Activity

The South Korean cryptocurrency exchange Coinpia has suspended the ability to make deposits using the fiat currency as well as the trading activities
08 February 2018   296

The crypto exchange Coinpia faced problems in complying with the new regulations, especially Know-Your-Customer (KYC) policy. This policy was implemented by the Finance Service Commission (FSC) in South Korea. It implies that the platform should have an access to the clients’ personal information such as user’s full name, residence address, citizenship, birth date, photo of government issued ID, social security number, bank statement.

At the moment, South Korean cryptocurrency exchanges have to respect new laws in case they want to continue trading. Every company is compelled to comply with the KYC law. Otherwise, they will have to block their provision activities.

Due to the lack of time the exchange was forced to suspend the trading activity in order to adapt to new country’s regulations. According to the company’s Executive, the Coinpia team will start to revise the personal system in order to meet government’s requirements.

Starting from 30 January 2018, all the unknown institutions that have virtual bank accounts were restricted. The Vice Chairman of the Financial Services Commission, Kim Yong-Beom, stated that traders are not allowed to make deposits in digital accounts if the name of their bank account does not match the account name in the crypto exchange.

NSA Tracks BTC Users, Snowden Says

According to the documents from former NSA agent, BTC transaction monitoring is one of the main priorities of the agency
21 March 2018   218

The US National Security Agency monitors actions in the bitcoin blovkchain in order to identify users of crypto currency. This is reported by The Intercept, which received a set of documents from a former employee of the NSA Edward Snowden, according to which the monitoring of BTC transactions is one of the main priorities of the agency.

They also say that the work of the NSA in this direction may not be limited to analyzing the blockchain and include the detection of crypto users.

The published document indicates that the NSA has become more likely to collect passwords of bitcoin users, data about their activity on the Internet and the identity of their devices.

According to the report, the NSA monitors bitcoin users from 2013 through a program code-named OAKSTAR, as well as the MONKEYROCKET program, which is the OAKSTAR project. The data collected over the years can allow the NSA to accurately identify participants in crypto-currency transactions.

For information on bitcoin users, the NSA can use XKeyScore, a powerful system for monitoring Internet activity, which became known in 2013, when Snowden revealed information about the surveillance of the NSA.

The document says that the information collected by the Agency is stored in the file "Provider user full.csv", and details of identification of time stamps and Internet addresses of users for the purpose of determining their location are given.