Bithumb Cryptocurrency Exchange Bans 11 Countries As Apart of Anti Money Laundering Practice

Bithumb Cryptocurrency Exchange Bans 11 Countries As Apart of Anti Money Laundering Practice

The largest South Korean cryptocurrency exchange, Bithumb, will ban 11 countries from their exchange as a part of a new anti-money laundering policy that they officially released today.

Bithumb confirms that citizens located inside the Non-Cooperative Countries and Territories (NCCT) will no longer be allowed to trade on their platform. These countries include: North Korea, include Bosnia and Herzegovina, Ethiopia, Syria, Iran, Iraq, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen.

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New account applications will be refused effective today, May 28th. All current accounts from these countries will be deleted by June 21.

A Bithumb rep states “we intend to strictly enforce her own rules and protect our investor will actively cooperate with all authorities on this matter”.

The exchange has implemented these recommendations from South Korean authorities as well as the Korea Blockchain Association. The association also introduced a strict set of rules in order to prevent market manipulation as well as insider-trading.

For international accounts, Bithumb is currently in the process of creating a mobile verification process in order to avoid any instances of false information.

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