South Korean Exchange Gopax Halts Crypto Trading Amid Security Fears

Highlights:

• South Korean crypto exchange Gopax has suspended all trading, deposits, and withdrawals to strengthen customer asset security.
• Gopax plans to move all customer cryptocurrency into cold wallets following recent security breaches and regulatory concerns.
• Gopax canceled all pending trading orders and will manually review withdrawal requests until normal services resume.

South Korean crypto exchange Gopax has stopped all trading as it prepares to move customer funds into cold wallets for better security. The exchange has also suspended deposits and withdrawals. Gopax made the decision after recent security breaches and data leaks at financial institutions raised concerns about customer funds. The company has not reported any new theft of customer assets.

In a November 6 official notice, Gopax said it would strengthen security following recommendations from financial regulators. The exchange first stopped deposits and withdrawals at 2:55 p.m. Korea time. It then suspended all trading at 3:53 p.m. and canceled orders that traders had placed but had not yet completed.

据 Digital Asset 报道，韩国加密交易所 GOPAX 于 11 月 6 日宣布，按照金融监管部门的建议，为加强安全防护和保护用户资产，将全部用户加密资产转移至冷钱包，并临时暂停交易及充提服务。GOPAX 已于北京时间 13:55 暂停加密资产充提，并于 14:53…

— 吴说区块链 (@wublockchain12) November 6, 2026

Gopax Moves Customer Crypto Into Cold Storage

Gopax said it will transfer all customer cryptocurrency into cold wallets, which keep the keys needed to access funds offline. Unlike hot wallets connected to online services, cold wallets reduce exposure to attacks through internet-connected systems.

The shutdown affects customers who want to buy or sell crypto as well as those waiting for open orders to execute. Existing unfilled orders have been canceled, so users cannot rely on those trades going through once the platform resumes operations. Withdrawals also follow a different process. Customers cannot use the normal withdrawal option on the Gopax website or app during the suspension. Instead, they must contact the exchange’s customer support email to request a withdrawal.

Gopax said staff will review and approve those requests individually before processing them. As a result, customers may face longer delays than usual. The exchange has not provided a date for restoring normal trading and withdrawal services.

Gopax Previously Reported a Customer Data Breach

The latest decision follows an earlier security incident at Gopax. In October, the exchange acknowledged suspicious access to some customer accounts that began in early September. According to an October 18 report by Seoul Economic Daily, the company said information linked to seven customers and two current or former employees had been exposed, including account nicknames and login records. It detected signs of the incident in early October and later apologized to affected users.

At the time, Gopax said it had found no unauthorized withdrawals of Korean won or cryptocurrency and no customer asset losses. Its November trading halt should therefore not be treated as confirmation of a new breach involving stolen funds.

Binance Hack Prompts Wider Security Review in South Korea

The move also comes after Binance suffered a major attack on October 29. In its November 3 incident report, Binance said the breach affected approximately $6.34 billion in crypto assets. The company said it would cover losses using its own resources and had begun replenishing affected holdings.

On November 2, South Korea’s Financial Services Commission held an emergency meeting with regulators, security agencies and crypto exchanges to review the risks. The commission urged exchanges to increase cold-wallet holdings, monitor deposits and withdrawals more closely, improve access controls and report suspicious activity quickly.

JUST IN: South Korea's financial regulator has called an emergency meeting following the Binance hack.

Crypto exchanges are being ordered to increase cold wallet holdings and strengthen security measures. pic.twitter.com/nOxIPFmUvC

— The Moon Show (@TheMoonShow) November 2, 2026

The regulations already in place in South Korea require that crypto exchanges store 80% or more of their customers’ digital assets in cold storage. While working on its security measures, Gopax decided to take all customer cryptos offline.