Bithumb forbade Cryptocurrency Trading in 11 Countries

Referring money laundering problems, South Korean crypto exchange Bithumb has prohibited trading in 11 countries including North Korea, Iran, Iraq
28 May 2018   519

As declared on Monday, the exchange claimed it will correspont to the global anti-money laundering norms by blocking all transactions of residents in jurisdictions belonging to the Non-Cooperative Countries and Territories (NCCT) blacklisting. The 11 NCCT nations that have provided inapplicable measures to combat money laundering, terrorist financing and other threats to the international financial system. The states, in addition to North Korea, include Bosnia and Herzegovina, Ethiopia, Syria, Iran, Iraq, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen.

This step was enforced on May 27 with Bithumb exchange no more accepting new clients from the 11 nations related to the NCCT initiative. Present users from those countries will also find their accounts disabled from June 21. As reported in  Coinmarketcap, Bithumb is Korea’s great and the world’s fifth biggest crypto  exchange with over $400 million in tokens traded over a 24-hour period.

Furthermore, Bithumb claims, it has powered its own anti-money laundering measures by adopting the recommendations of authorities from the South Korean government and the Korea Blockchain Association, a self-regulatory industry working group. Instituted in December, the strucrure presented a number of measures including ethical codes in an effort to foster transparency in domestic crypto trading markets. The industry body also demanded strict rules in order to prevent market manipulation and insider trading. A row of main exchanges including Bithumb and Upbit will  incur periodic estimations.

We will strictly enforce our own rules and protect our investors while we actively cooperate with local authorities.
Spokesperson
Bithumb, South Korea

The crypto exchamge also added that for international users, Bithumb is currently in the process of mandating a mobile verification process to escape any occasions of falsification of user information.

Huobi Group to Launch Trading Service for Big Customers

The service is positioned as an "an exclusive channel for institutions to ensure safe, compliant and rapid deposit-withdrawal of high-value assets"
15 August 2018   130

Huobi Group launched a new trading service for institutional market participants. 

The service is positioned as an "an exclusive channel for institutions to ensure safe, compliant and rapid deposit-withdrawal of high-value assets."

At the first stage, the service will be available for 100 institutional customers of Huobi. The latter will be able to perform up to 10 I / O operations on a first come, first served (FCFS) basis.

A range of new services will include the following options:

  • an exclusive channel for institutions, providing a safe, fast and legal withdrawal of funds;
  • multitasking, allowing to use in trading a lot of positions, strategies and open up to 1000 sub-accounts;
  • individual limits on the volume of transactions and borrowed funds;
  • individual customer support;
  • access to analytical data of the research department of the company, as well as investment strategies of Huobi Quant Academy.

In addition, for institutional clients, there will be regular Mitaps dedicated to the development of the industry, which will also offer participation in various investment projects.