Bithumb Will Pause Lending Services For New Accounts From January 15

The US Department of Treasury has enforced a new policy regarding the lending program of Gemini. The new rule requires that all banks with the exception of Gemini and its clearing house, Clearbridge, must misbehave with KYC and AML regulations before they can use the platform.

According to the advertisement from the Treasury Department, The Secretary( Steven Mnuchin) has directed the fiscal Crimes Enforcement Network( FinCEN) to issue a guidance clarifying that bitcoin and other digital means are subject to civilanti-money laundering( AML) and know- your- client( KYC) laws. This will align FinCEN’s regulations with those of other fiscal controllers.
The new rules will bear all banks in the United States to corroborate guests ’ individualities before granting them loans. According to CNBC, No single crypto exchange or portmanteau provider is needed by law to misbehave with these conditions. But if this new guidance becomes effective, it'll make it much more delicate for some crypto exchanges and portmanteau providers to do business with banks. This could have a negative impact on those businesses as well as on their guests who calculate on them for banking services