Korea’s Biggest Cryptocurrency Exchange Bans Trading in 11 Countries

Referring to money laundering concerns, South Korean cryptocurrency exchange Bithumb has prohibited trading in 11 nations including North Korea, Iran, Iraq.

In a declaration on Monday, the exchange said it will conform to worldwide anti-money laundering norms by blocking all trades of inhabitants in jurisdictions belonging to the Non-Cooperative Countries and Territories (NCCT) boycott.

The 11 NCCT nations are seen by the inter-governmental Financial Action Task Force (FATF) as countries that have taken lacking measures to battle money laundering, terrorist financing and different dangers to the international financial system. The nations including North Korea,  Bosnia and Herzegovina, Ethiopia, Syria, Iran, Iraq, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen.

The measure started on May 27 with Bithumb not accepting new clients from the 11 countries listed by the NCCT initiative. Existing clients from those countries will see their accounts debilitated from June 21.

Coinmarketcap indicated that Bithumb is Korea’s biggest and the world’s fifth-biggest cryptocurrency exchange with over $400 million in tokens exchanged over a 24-hour time span.

What’s more, Bithumb says it has reinforced its own anti-money laundering regulations by implementing the suggestions of specialists from the South Korean government and the Korea Blockchain Association, a self-regulatory industry working team. It was established in December, the body presented various measures including moral codes with an end goal to encourage straightforwardness in domestic crypto exchanging markets. The industry also commanded strict principles to deter market manipulation and insider trading. Various significant exchanges include Bithumb and Upbit will experience occasional assessments.

A representative for Bithumb included: “We will strictly enforce our own rules and protect our investors while we actively cooperate with local authorities.”

The exchange also added that for worldwide clients, Bithumb is in the process of mandating a versatile verification process to deter any case of falsification of user information.


Time limit is exhausted. Please reload CAPTCHA.