11 countries no longer can trade on Bithumb

Posted 29 May, 2018

Bithumb has closed its doors for a number of traders worldwide beginning from May 27, as the exchange followed the requirements under the anti-money laundering law.

According to the news reports, the platform has become unavailable for 11 countries running low-effective policy against the money laundering and terrorist funding. The list includes North Korea, Iraq, Iran, Ethiopia, Bosnia and Herzegovina, Syria, Sri-Lanka, Tunisia, Trinidad and Tobago, Yemen and Vanuatu.

Specifically, the new users from these areas cannot register an account on the platform, while transactions of the existing clients have been blocked, with the accounts to be deactivated on June 21. 

In addition, Bithumb has launched mandatory mobile verification for overseas clients to prevent any attempts of personal data falsification.

Moreover, the platform management is opened for cooperation with local authorities (in particular, South Korea's government and Korean Blockchain Association) to prevent price manipulation in the market. 

“We will strictly enforce our own rules and protect our investors while we actively cooperate with local authorities,” the company's representative commented.

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