The largest cryptocurrency exchange in South Korea Bithumb banned users from 11 countries to trade on its platform.
The exchange took such a difficult step to match the global standards against money laundering. In this regard, all transactions conducted in countries and territories that are non co-operation (NCCT) have been blocked. After 21 June, investors from these jurisdictions will no longer be able to make transactions on the stock exchange.
These 11 countries have not taken effective measures in combating money laundering, terrorist financing and other threats related to the international financial system, as mentioned intergovernmental task force on financial events.
11 countries now in the black list Bithumb:
- North Korea
- Sri Lanka
- Trinidad and Tobago
Bithumb ceased to register on the platform new entrants and existing users of all of the 11 jurisdictions must withdraw their funds before June 21.
Following the recommendations of the government of South Korea and the Association of Korean blockchains, Bithumb chose their own policies in the fight against money laundering. To ensure transparency in cryptocurrency market exchange introduces codes of ethics. Bithumb also provided strict guidelines for the prevention of insider trading and market manipulation and will periodically review its policies and make changes to make the cryptocurrency market more transparent and stable.
According to Coinmarketcap, the cryptocurrency Bithumb is the largest stock exchange in South Korea and the fifth largest in the world, trading more than $ 400 million in 24 hours.
The exchange said
“We will strictly abide by our own rules and to protect our investors while we are actively cooperating with local authorities”.