Korean Exchanges to Ban Withdrawal for Unverified Users

This decision was made by Bithumb and Coinone for anti-money laundering policy implementation
18 September 2018   860

Bithumb and Coinone will deprive unverified users of the possibility to withdraw funds, Bitcoin.com reports.

The possibility of withdrawing the crypto currencies to Bithumb will be discontinued on October 1 for corporate market participants. For individual users, this restriction will take effect on October 15. According to the representatives of the exchange, the decision was made to implement the requirements of the anti-money laundering policy.

Representatives of the trading platform stressed that the limitation concerns only the possibility of issuing fiat funds.

The South Korean authorities ordered local crypto-exchanges to verify users in January. Exchange customers can use the so-called "real name system" to convert their accounts into verified and linked to the accounts of banks cooperating with platforms.

However, by now banks have provided this service only to the four largest South Korean exchanges - Bithumb, Upbit, Coinone and Korbit. Moreover, despite the efforts of the government, banks and the cryptoexchanges themselves, only 40-50% of traders took advantage of this service. At the same time, local banks exert pressure on the exchanges, so that the latter more actively comply with the requirements of the anti-money laundering policy.

A similar statement was made by the Coinone Exchange, all unverified users of which will not be able to withdraw Fiat after October 15.

Bithumb Operator to Gain $200M

Will these giant investments help exchange to end 2019 with profit? Time will show
15 April 2019   269

The parent company of the South Korean exchange cryptocurrency Bithumb received $ 200 million of funding from the Japanese blockchain fund called ST, Cointelegraph reported.

Funding was provided as part of the investment round of the A series and will allow the Blockchain Exchange Alliance (BXA) to continue the international expansion of the Bithumb business. The company also promises to implement the support of new trading pairs.

The fund shared our vision of creating a global digital exchange platform that can efficiently transfer value across borders with lower costs, which was the key rationale behind this investment decision.
 

BXA

At the end of March, Bithumb suffered another hacker attack and lost about $ 13 million in cryptocurrency. Recently, the company reported on its performance for 2018 - its losses amounted to about $ 180 million.

ST Fund is registered in Japan and manages the capital of investors from around the world, including Europe and the USA.