Crypto Exchange Bithumb Bans Users from 11 Countries

29 May, AtoZ Markets – One of the biggest cryptocurrency exchanges in the world, Bithumb, has announced that it decided to ban users from eleven countries. The ban has been put into effect on May 28. 

Crypto Exchange Bithumb Bans Users from 11 Countries

It is known that this move from Bithumb comes as a part of its new anti-money laundering (AML) practices, as per the official statement. 

Yesterday, the crypto exchange has issued a press release, thus confirming that citizens of states including the Non-Cooperative Countries and Territories (NCCT) initiative will not have the access to the exchange’s services. 

The exchange will not accept any new account applications from these countries anymore. Any extant accounts will be erased by June 21. Bithumb has explained its decision, stating that it was acting as part of “global anti-money laundering efforts.” The official press release from the company reads:

“NCCT users will be prevented from using the exchange so that cryptocurrency is not used to fund international terrorism.”

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In fact, the NCCT includes countries that do not comply with the AML standards that are issued by the Financial Action Task Force on Money Laundering (FATF). The latter is an organization that was formed then G7 in the 1980s.

Bithumb Promotes Further crypto adoption

Some of the countries Buthumb plans to ban include Iran, Ethiopia, Iraq, Serbia, Sri Lanka and Tunisia. The spokesperson of the digital currency exchange Bithumb has added:

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

South Korean exchanges have been facing a series of significant regulatory compliance demands starting from the late 2017, Some of them included taxation matters, while others addressed identity verification. The officials are trying to standardize and safeguard the crypto market as soon as possible. 

Following on this, Bithumb also continues to spread crypto usage in the country. The exchange has been partnering with some of the major businesses to promote further acceptance.

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