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South Korean Exchange Bithumb Blocks Trading in 11 Countries

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Bithumb will cut out the NCCT-States from their exchange platform, in regard to prevent money laundering.

Bithumb. The largest exchange platform in South Korea just announced that they'll be blocking trading in 11 countries in order to follow its revised internal regulations to prevent any money laundering. For every foreigner there will be a much stricter verification process in order to use this exchange.


With growing concerns over money laundering through cryptocurrency trading, Bithumb, South Korea’s biggest cryptocurrency exchange, will ban digital asset trading with investors in North Korea, Iran, Iraq, and eight other countries that are considered as high-risk jurisdictions by the Non-Cooperative Countries and Territories (NCCT) Initiative.

This also comes in order to prevent the inflow of funds to "international terrorrism and crime". To keep this goal working Bithumb will work together with the government.

The Financial Action Task Force (FATF) recognized the NCCT countries with "insufficient policies and regulations to restrict money laundering and the utilization of various forms of money to finance illegal operations, including North Korea, Iran, Iraq and Sri Lanka," described by Business Korea. Bithumbs website adds also Serbia, Ethiopia, Syria, Trinidad and Tobage, Tunisia, Vanuatu and Yemen.

Source: https://news.bitcoin.com/bithumb-blocks-trading-countries/

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