With the main intention to prevent money laundering and illegal activities, South Korea’s biggest crypto exchange, Bithumb has banned crypto trading in 11 countries. The Bithumb has decided to impose ban on North Korea, Iran, Iraq, Sri Lanka and other seven countries scrutinized by the NCCT Initiative.
Bithumb holds the world’s sixth and first in South Korea in terms of trading volume. In its latest decision announced on May 27th, 2018, Bithumb will be imposing ban on countries monitoring by NCCT initiative. Since, the regulations intend to prevent its platform that is being used to money laundering, financial terror or illegal activities.
Further, as the result, the Bithumb will not accept the users from 11 countries listed as NCCT. However, by June 21, 2018 it is expected to disable the existing users accounts from those particular countries.
According to FATF (Financial Action Task Force), the countries which are listed under NCCT (Non-Cooperative Countries and Territories) are not capable to restrict money laundering and utilizes funds over illegal activities. However, the NCCT listed countries are with insufficient policies and regulations.
Further, Bithumb can easily eliminate any financial aspirants or international regulators concerning over money laundering using crypto trading.
Additionally, within few days development team of Bithumb to request international users to undergo mobile verification process. However, it ensures that users are not providing fake information about their residential addresses and also personal info.