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   918

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.

Karpeles to Face Another 10 Years in Jail

Japanese enforcements agencies blamed Mt. Gox CEO in stilling $3M
12 December 2018   97

Japanese prosecutors blamed the head of the already inactive exchange Mt. Gox Mark Carpeles in embezzling 341 million yen ($ 3 million) from a bank account trading platform. The prosecutors made the corresponding statement in the Tokyo District Court, demanding 10 years of imprisonment for Karpeles, reports The Mainichi.

[Mark Karpeles] diverted company funds to such uses as investing in a software development business for personal interest" and "played a great role in totally destroying the confidence of bitcoin users.
 

Japanese prosecutors

It is noted that in September-December 2013, the head of MtGox allegedly transferred funds to personal bank accounts, and then invested in the software development business.

Carpeles is also accused of faking the data of the trading system of the exchange for the fabrication of balance sheets.

The deadline for accepting applications from affected investors as part of the civil rehabilitation of Mt. Gox has been extended until the end of December.