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   1029

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.

Bitmain to Announce New ASIC Chip

BM1397 chip requires less energy and is able to achieve efficiency at 30J / TH
18 February 2019   64

This Monday, the Chinese mining company Bitmain announced the next-generation 7-nm chip codenamed BM1397, which, according to it surpasses its predecessors in performance and energy efficiency and is suitable for mining cryptocurrencies on the SHA256 algorithm, including Bitcoin and Bitcoin Cash.

The BM1397 chip requires less energy and is able to achieve efficiency at 30J / TH, which is “higher by 28.6% than the previous 7-nm chip from Bitmain”, codenamed BM1391.

BM1397 is manufactured using TSMC, a Taiwan-based semiconductor product company, which is one of the leading suppliers in the cryptocurrency mining industry.

The BM1397 chip will be installed in the new ASIC miners of the Antminer S17 and Antminer T17 models, the release of which Bitmain promises to announce later. The company does not provide other details of the updated devices in its message.