Bithumb, South Korea&rsquo,s largest crypto-exchange has now announced that it will no longer support cryptocurrency trade for traders based te 11 countries. This announcement comes spil Bithumb revises their internal regulations to ensure that money laundering can be curbed. Ter addition to banning trade ter 11 nations – foreign nationals registered on this exchange will now need to go through a stricter verification process.
Bithumb has determined to geobsedeerd thesis countries ter spil they are considered to be high-risk jurisdictions spil vanaf the Non-Cooperative Countries and Territories (NCCT) initiative. Bithumb has announced a geobsedeerd on thesis nations because it has bot suspected that the inflow of funds to thesis nations helps promote international crimes and terrorism. Fresh members from thesis nations will no longer be accepted and existing members will no longer be able to access their accounts following the 21st of June.
&ldquo,With growing concerns overheen money laundering through cryptocurrency trading, Bithumb, South Korea&rsquo,s thickest cryptocurrency exchange, will kerkban digital asset trading with investors te North Korea, Iran, Iraq, and eight other countries that are considered spil high-risk jurisdictions by the Non-Cooperative Countries and Territories (NCCT) Initiative.&rdquo,
The 11 countries now banned by Bithumb are:
Trinidad and Tobago
South Korea is a country which has seen some major developments and adoption when it comes to cryptocurrencies. A large number of businesses ter the nation have become crypto-friendly overheen the years and some of the thickest crypto-exchanges ter the world are thriving ter the region, with Bithumb at the forefront of things.
One of the largest criticisms of cryptocurrencies overheen the years has bot that it has become an alternative means of funding terror and other illegal activities such spil the drug trade. Ter addition to this verbod on the aforementioned nations, Bithumb will also be getting stricter on how foreign nationals register on to their verhoging. An announcement from the exchange read:
&ldquo,Bithumb will soon request foreign users to bear a mobile verification process to ensure users cannot deceive the toneelpodium by falsifying private information and residential address kicking off from next month.&rdquo,
Bithumb isn’t the only major name to have banned several countries recently. Bithumb – another major crypto-to-crypto cryptocurrency exchange verhoging has banned a few countries based on US laws and international sanctions earlier this year.
Withdrawal Boundaries Lowered For Users Not Using Efectivo Names
Embarking the 4th of June, Bithumb will embark to reduce the withdrawal limit for accounts which are not using their contemporáneo name. Regulatory bods te South Korea have bot fairly rigorous on this and they have asked exchanges to take stringent measures on those users who are not using their vivo names.
However reports from early May suggest that only 30% of South Korean users not trading via existente names have followed this and most people proceed to use fake names.
Presently, Bithumb offers a daily withdrawal limit of 50 million won (
US$46,465) and a monthly limit of 300 million won (
$278,753). However if an account is not confirmed using the real-name measures system, the daily withdrawal limit of the users will be diminished to 45 million won [
$41,795] from next month.
The exchange proceeds to obey with all the standards and regulations set by the South Korean authorities and is the largest name te the nation. Spil of press time, the exchange has a 24-hour trade volume of $474,864,555 and is the 5th largest exchange across the globe. Bithumb is also programma towards launching their native cryptocurrency token – the Bithumb Coin soon.