GOPAX Suspends Crypto Deposits, Withdrawals and Trading, Requires Manual Requests

South Korean cryptocurrency exchange GOPAX paused crypto deposits and withdrawals on Nov. 6, then halted trading less than an hour later, requiring customers to request withdrawals through a manual process.

All open orders were canceled when trading stopped. Customers seeking to withdraw crypto must email GOPAX’s customer support center. Staff will review each request internally and process them in sequence, with processing times expected to be longer than before. Email submission and internal review are now required steps for withdrawals.

GOPAX described the suspension as a precautionary response to recent data leaks and hacking incidents involving financial companies. The exchange said it plans to transfer all crypto assets to cold wallets.

South Korea’s Financial Services Commission (FSC) met with domestic crypto exchanges on Nov. 2, asking them to keep more than 80% of users’ crypto assets in cold wallets. GOPAX’s share was slightly above 80% at the time. The newly announced transfer would extend cold storage to all of its crypto assets.