Bithumb Blocks User Accounts in 11 Countries

May 30, 2018

Largest crypto exchange of South Korea Bithumb has introduced ban on any operation involving digital currency for residents of 11 countries.

This Monday, May 28, the exchange’s official blog published a statement saying that all transactions of users from the countries included in the Non-Cooperative Countries and Territories (NCCT) list of high-risk jurisdictions.

NCCT countries are states that according to the Financial Action Task Force (FATF) haven’t taken all required measures against money laundering, terrorism financing and other possible threats for world financial system stability. The list includes North Korea, Bosnia and Herzegovina, Iran, Iraq, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu, Ethiopia, Syria and Yemen.

Bithumb’s spokesmen also state, the company has reinforced its standing against money laundering as it implemented recommendations from authorities and the Korea Blockchain Association:

“We will strictly enforce our own rules and protect our investors while we actively cooperate with local authorities.”

The ban has come into force since May 27 when restrictions for registering new users from the NCCT countries have been introduced. The statement also notes that actual accounts of the sanctioned users will be disabled on June 21 this year.


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