South Korean exchange Bithumb bans trading in 11 countries since May 27. The company’s management posted this statement in a corporate blog. The trading platform will block users from 11 countries that inefficiently combat the financing of terrorism and money laundering.
Bithumb Bans Trading in 11 Countries
Bithumb will no longer work with users from 11 countries – North Korea, Iran, Iraq, Bosnia and Herzegovina, Ethiopia, Syria, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen. Registration of new users from these jurisdictions is stopped. Transactions made by already registered users are blocked, and their accounts will be disabled on June 21. To avoid falsification of user information, Bithumb will develop an obligatory mobile verification procedure for foreign users.
In addition, Bithumb management intends to heed the recommendations of the government of South Korea and the Korean blockchain association in preventing manipulation of the market and insider trading.
The Korean blockchain association was founded in December last year. It implements rules of self-regulation, including ethical codes, which are aimed at increasing transparency in local markets. The Association has established requirements aimed at preventing manipulation of the value of digital money and insider trading.
Bithumb spokesperson commented:
“We will strictly enforce our own rules and protect our investors while we actively cooperate with local authorities.”
The announcement that Bithumb bans trading in 11 countries had a slight effect on the cryptocurrency markets. The most sold cryptocurrency on Bithumb was EOS, followed by TRON and Bitcoin. During the last 24 hours, Crypto-currency was sold at Bithumb for a total over $400 million.
Bithumb to Lower Withdrawal Limits
In addition, Bithumb made a decision “to gradually reduce the withdrawal limit for customer accounts that have not converted to real-name confirmation accounts,” starting on June 4. The exchange has not clarify how low the withdrawal limit will eventually be.