Bithumb Exchange Bans Trading In North Korea And 10 Other Nations With High-Risk Jurisdictions

South Korea’s biggest digital currency exchange, Bithumb is banning the trading of digital assets in 11 nations. The current accounts of investors from these nations would be disabled on June 21.

As indicated by Coinmarketcap, Bithumb is the fifth biggest crypto exchange based on 24-hour trading volume which is $420 million. Being world’s fifth-biggest crypto exchange and first in South Korea’s active crypto community, this can be required to cause a serious effect in the crypto market. Digital currencies have just begun failing.

The growing concern over money laundering through crypto trading has been the explanation for this ban. The exchange is banning the crypto trading 11 nations that are viewed as high-risk jurisdictions by the Non-Cooperative Countries and Territories (NCCT) initiative that incorporates North Korea, Iran, Sri Lanka and Iraq among others.

The exchange itself has reported this ban keeping in mind the end goal to keep its platform from being utilized for illicit activities. Current accounts would be disabled by Bithumb on June 21.

The declaration by the exchange has been made on May 27 that it will outright ban trading in these 11 nations. Bithumb will no longer acknowledge new users and disable the accounts of users from these nations.

These NCCT nations are those that the Financial Action Task Force on Money laundering has recognized as areas that have lacking policies and regulations to confine the terrorist financing and money laundering.

Aside from the ban, Bithumb is likewise taking an extra measure from next month under which the exchange will ask for the foreign user to undergo a mobile verification process. This will guarantee that users won’t give false personal and address data.