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.
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.