The cryptocurrency exchange Bithumb has decided on banning the use of its services in 11 countries that the Financial Action Task Force has on its non-Cooperative Countries or Territories list.
Bithumb is South Korea’s largest cryptocurrency exchange and fifth largest in the world.
South Korea’s largest cryptocurrency exchange has set in place regulations on its use in nearly a dozen countries. The exchange says that it has taken the measure in an effort to combat things such as money laundering, terrorism funding and other illegal or sanctioned activities that could pose a threat to the global financial system.
Bithumb spokesman Choi Yong-soon said that Bithumb took the measure of self regulation in order to increase transparency with how the exchange operates and to comply with regulatory measures. Choi also said the exchange will require any current and potential investors outside of South Korea to go through an identification verification process.
The new rule for identification verification took effect on May 28, 2018.
All the banned countries not accessible to trade on Bithumb are taken from the Non-Cooperative Countries or Territories (NCCT) list made by the Financial Action Task Force (FATF). The countries banned are, North Korea, include Bosnia and Herzegovina, Ethiopia, Syria, Iran, Iraq, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen.
South Korea’s Financial Supervisory Service (FSS) was please with Bithumb’s proactive decision on regulation. It’s also been reported that the FSS was in talks with other South Korean agencies to help ease some of the regulations on cryptocurrency policies.
Bithumb is the world's fifth-largest cryptocurrency exchange by daily trading volume and the most popular exchange in South Korea..