GOPAX Halts Trading, Requires Manual Requests For Withdrawals
GOPAX says it halted trading and ordinary withdrawals after authorities recommended preventive security measures.
South Korean crypto exchange GOPAX stopped trading on 6th November after suspending deposits and regular web and app withdrawals. Customers seeking to move assets out must now submit withdrawal requests through its support centre for manual processing.
In two notices, GOPAX said it was acting on financial authorities' recommendations after information leaks and hacking incidents at financial companies. It described the restrictions as preventive measures to protect customer assets and strengthen security. Neither notice reports that GOPAX itself was hacked.
The first suspension began at 05:55 UTC, covering crypto deposits and ordinary withdrawals. Trading stopped at 06:53 UTC, with all outstanding orders cancelled. The notices give no reopening date. When the exchange's notices feed was retrieved at 04:41 UTC on 7th November, the trading suspension remained its newest entry.
Withdrawals Now Require Manual Approval
The halt does not mean GOPAX has closed every route for withdrawing assets. Its notices say customers can apply through the support centre, after which requests undergo internal checks and approval before being processed manually in sequence. GOPAX warns that this can take longer than normal.
The exchange also says it plans to transfer all customer crypto into cold wallets, where signing keys are kept offline. Customers would continue to request withdrawals through the company rather than authorise transfers themselves, the provider-controlled arrangement used by centralised custodial services.
Upbit Warns About Transfers To GOPAX
Upbit issued its own notice at 09:39 UTC on 6th November, confirming the suspension of GOPAX's deposit, withdrawal and trading services. It said it was monitoring the situation and could restrict transfers to GOPAX if necessary for investor protection. It did not announce that such a restriction had already been imposed.
Upbit also warned that completed crypto transfers cannot be cancelled and that support for deposits at the receiving exchange can change. Its notice links customers to GOPAX's announcements.
The broader security concern has official context. South Korea's Financial Services Commission reported on 5th November that 37 financial companies had reported 40 hacking cases between 30th September and 3rd November, including three virtual asset service providers. It did not identify GOPAX or connect those cases to this suspension.
