Bithumb, the largest cryptocurrency exchange in South Korea, will not operate in 11 countries

As of yesterday, May 27, the Korean exchange will no longer receive new users in those 11 countries. Additionally, users who already have accounts in Bithumb will suffer a disabling of them as of June 21. The exchange ensures to be working on measures that strengthen its platform and provide greater reliability

Citing concerns about money laundering, Bithumb, South Korea's largest cryptocurrency exchange, banned commercial operations in 11 countries, including North Korea, Iran and Iraq.

In an announcement today, the exchange said it will comply with global rules against money laundering and block all transactions of residents in jurisdictions that belong to the black list of Non-Cooperative Countries and Territories (NCCT).

The 11 countries of the NCCT are seen by the Intergovernmental Financial Action Task Force (FATF), an intergovernmental regulatory body established in 1989, as nations that have taken insufficient measures to combat money laundering, the financing of terrorism and other threats to the international financial system. . The countries, in addition to North Korea, are Bosnia and Herzegovina, Ethiopia, Syria, Iran, Iraq, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen.

The measure entered into force yesterday, May 27, after which Bithumb no longer accepts new users from the 11 nations listed by the NCCT initiative. The existing users of those nations will also have their accounts disabled as of June 21.

According to data from Coinmarketcap, Bithumb is the largest exchange of cryptocurrencies in South Korea and the fifth largest in the world with more than USD $ 400 million in tokens traded in a 24-hour period.

In addition, Bithumb says it has reinforced its own anti-money laundering policies by implementing the recommendations of the South Korean government authorities and the Korea Blockchain Association, a working group of the self-regulatory industry. Established in December, the agency introduced a series of measures that include ethical codes in an effort to promote transparency in local cryptography markets. The industry body also demanded strict rules to avoid market manipulation and the use of privileged information. Periodic evaluations of several important exchanges will be conducted, including Bithumb and Upbit.

A spokesman for Bithumb added:

We will strictly apply our own rules and protect our investors while actively cooperating with local authorities. "

For international users, Bithumb is in the process of demanding a mobile verification process to avoid any instances of falsification of user information, the exchange added.