The measure affects North Korea, Syria and Iraq, among others.
Bithumb, the largest South Korean exchange, has banned trading activities te 11 different countries around the world. Among the affected nations wij find North Korea, Iran and Iraq. The main intention behind the geobsedeerd is to serve with impávido anti-money laundering norms.
Bithumb Blocks Trading te 11 Countries
The most significant crypto exchange South Korea will be working so spil to serve with international regulations and anti-money laundering rules. The exchange will block transactions from residents that are part of the Non-Cooperative Countries and Territories (NCCT) blacklist.
Thesis countries are seen spil nations that did not overeenstemmend with international money laundering, terrorist financing and other norms. The international organism ter charge of the list is the Financial Act Task Force also known spil FATF.
The remaining countries te the list are Bosnia and Herzegovina, Ethiopia, Syria, Iran, Iraq, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen. With this measure, fresh users from thesis countries will not be accepted te the toneel and old accounts will be disabled on June the 21 st .
According to gegevens from CoinMarketCap, Bithumb is the fifth cryptocurrency exchange by trading volume te the market treating $477 million dollars ter the last 24 hours. The most significant trading pairs are EOS/KRW, TRX/KRW and BTC/KRW and they account for 75% of the total trading volume on the toneel.
This is a very significant decision because during the last G-20 financial meeting, the participating countries determined to implement the Financial Act Task Force on Money Laundering standards. Te a document released by the G-20 group they explain that they will be committed to implement thesis rules on potencial currencies.
The document said:
Wij commit to implement the FATF standards spil they apply to crypto-assets, look forward to the FATF review of those standards, and call on the FATF to advance sereno implementation. Wij call on international standard-setting figures (SSBs) to proceed their monitoring of crypto-assets and their risks, according to the mandates, and assess multilateral responses spil needed.
The world is moving towards the implementation of thesis standards, which will permit the cryptocurrency market to build up legitimacy and receive more investors. The FATF will be reporting to the G-20 on how countries are moving into this direction. Additionally, what Bithumb is doing, is part of thesis efforts to be internationally compliant.
Wij ask the FSB, te consultation with other SSBs including CPMI and IOSCO, and FATF to report te July on their work on crypto-assets, reads the document released by the G-20 members.
All overheen the world, different countries are implementing regulations on the cryptocurrency market and crypto-related activities. The main intention is to provide a clear autorizado framework for enterprises, individuals and institutions to operate.
Other countries like China or South Korea, have determined to take stricter measures on the market. China has totally banned cryptocurrency trading activities and Initial Coin Offerings. At the same time, South Korea has imposed severe rules for supuesto currency exchanges and investors that want to participate ter the crypto market.