Bithumb bans crypto trading in 11 countries citing money laundering concerns

28 May, 2018
by Richard Allen
Bithumb bans crypto trading in 11 countries citing money laundering concerns

South Korea’s largest cryptocurrency exchange has banned the trading of digital assets in 11 countries citing money laundering concerns, according to CCN.

Making the announcement on Monday, Bithumb has said it will comply with global anti-money laundering crtterion by blocking all transactions of residents in jurisdictions belonging to the Non-Cooperative Countries and Territories (NCCT) blacklist.

The regions that are apart of the NCCT are seen by the inter-governmental Financial Action Task Force (FATF) as countries that have not taken acceptable action to counter money laundering schemes, terrorist financing and other threats to the international financial system. These countries include Bosnia and Herzegovina, Ethiopia, Syria, Iran, Iraq, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu, Yemen and North Korea.

The measure came into effect on May 27 and Bithumb is no longer accepting new members from the 11 listed countries. Existing users from these nations will have their accounts disabled on June 21.

Bithumb has strengthened its own any-money laundering policies by implementing the recommendations of authorities from the South Korean government and the Korea Blockchain Association. A Bithumb spokesperson said:

“We will strictly enforce our own rules and protect our investors while we actively cooperate with local authorities.”

Bithumb is in the process of mandating a mobile verification process to avoid falsification of user information.

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