Korean Exchange Halts Crypto Trading due to KYC System

Coinpia exchange executives said the company has to halt trading to comply with anti-money laundry and know-your-customer rules
06 February 2018   525

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.

According to an announcement, Coinpia had suspended Korean won deposits on Jan. 30 in an effort to comply with the new regulation, enforced by South Korea's watchdog Finance Service Commission.

We have recently reported that South Korea launched a real-name trading system for cryptocurrencies, banning the use of anonymous bank accounts in transactions to prevent cryptocurrency from being used for money laundering and other illegal activities.

Opening cryptocurrency accounts has been banned for weeks while the banks have installed the system, which ensures only real-name bank accounts and matching accounts at cryptocurrency exchanges for deposits and withdrawals. Now each trader must identify himself with the help of a bank account to buy or sell a cryptocurrency.

However, Coinpia said it continues to work on the integration of identity verification into its existing exchange system.

Electroneum to update its blockchain

Electroneum announced that new code will be released on May 30 as its blockchain reaches Block 307500
26 April 2018   50

Electroneum announced its fork is scheduled to take place at block 307500 on May 30. The fork is special as it will not result in two currencies: this is achieved by allowing all the exchanges and pools to update their software in advance. The update covers the following aspects

  • anti-ASIC code:

the implementation of such code will ensure security against any network attack

  • increase of transfer fee:

to ensure Electroneum blockchain withstands blockchain flooding, base fee will be increased to 0.1 ETN

  • block size increase before penalty:

the increase will allow miners to scale the blocks faster and get more transactions into a block

  • disabling of RingCT and Mixin:

disabling some privacy features with letting wallets remain private will get a less wait to fit a transaction into a block and a leaner blockchain size

  • 3 days mempool life:

it will ensure a reduction of the possibility of the returned transactions

Readers will be able to find the rest of the remaining details of the update here. As for the market indicators for Electroneum, here is what they look like at the moment of publication:

  • Average price   $0.024453
  • Market cap         $166,770,279
  • Volume (24H)    $1,234,100