Korea’s Largest Crypto Exchange Bans Trading In 11 Countries

Korea’s Largest Crypto Exchange Bans Trading In 11 Countries

Regulation Trading
May 29, 2018 by Michael Blowers
203
Bithumb, South Korea’s largest cryptocurrency exchange has banned trading services in 11 countries citing possible money laundering concerns.  Bithumb has taken precautionary steps by banning its platform from customers residing in countries belonging to the Non-Cooperative Countries and Territories (NCCT) blacklist in order avoid legal trouble.  These 11 different nations are a part of the
Bithumb-Closes-Its-Door-For-11-Countries-In-New-Announcement

Bithumb, South Korea’s largest cryptocurrency exchange has banned trading services in 11 countries citing possible money laundering concerns.  Bithumb has taken precautionary steps by banning its platform from customers residing in countries belonging to the Non-Cooperative Countries and Territories (NCCT) blacklist in order avoid legal trouble.  These 11 different nations are a part of the NCCT due to taking insufficient measures to combat money laundering, terrorist financing and other threats to the international financial system. The 11 countries being banned by Bithumb include North Korea, Bosnia, Herzegovina, Ethiopia, Syria, Iran, Iraq, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen.

Bithumb issued a press release on May 27thand stated that all new account registrations from these countries will be blocked and all existing customer accounts will be closed out by June 21st. A spokesperson for Bithumb stated, “We will strictly enforce our own rules and protect our investors, and we will actively cooperate with the authorities.” This move by the cryptocurrency exchange will help Bithumb stay in front of increasingly demanding regulatory demands that South Korea has been enforcing since the end of 2017. South Korean officials have upped the pressure on cryptocurrency exchanges to provide identity and tax verification in order to standardize and secure cryptocurrency markets.

In order to accurately track where its users are trading from “Bithumb will soon request foreign users to endure a mobile verification process to ensure users cannot deceive the platform by falsifying personal information and residential address starting from next month.”Cryptocurrency exchanges worldwide have faced increased scrutiny in the past year with regulatory agencies from multiple countries investigating trading on an unprecedented scale. Early this month eBit News reported that the United States Department of Justice has opened an investigation into cryptocurrency market manipulation. So far we have not seen many countries outright ban cryptocurrency exchanges, which is good news for traders worldwide.

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