Bithumb to ban foreigners without mobile ID verification

1 month ago 14
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The speech has reportedly asked each users apt to beryllium affected to retreat their funds

Leading Korean crypto speech Bithumb has notified its assemblage of non-Korean users that they volition beryllium denied entree to the level unless they implicit a mobile-based individuality verification process.

According to local news outlet Pulse News, Bithumb is taking the measurement arsenic it moves towards compliance with Korea's caller strict anti-money laundering (AML) regulations.

The Know Your Customer (KYC) announcement applies to each Korea-based overseas users registered connected the Bithumb exchange.

Pulse reports that the caller KYC request is expected to travel into effect aboriginal successful the year. However, the speech has not communicated precisely erstwhile it intends to statesman enforcing the ban.

Bithumb's drastic enactment follows the instauration of tighter AML requirements by Korean authorities. It besides comes successful the aftermath of the speech notifying users that determination would beryllium nary registrations involving foreigners without due documentation.

The Korea Herald notes successful a quality portion connected the improvement that Bithumb has precocious constricted accounts with IP addresses from "high-risk jurisdictions". The quality tract besides reports the cryptocurrency exchange's actions people idiosyncratic accounts created from countries deemed to warrant precocious scrutiny arsenic highlighted by the Financial Action Task Force (FATF).

The speech has nevertheless asked users wrong the targeted radical to commencement withdrawing their holdings if they find it hard to implicit the KYC check. According to Bithumb, affected users are escaped to determination their integer assets anytime earlier the country's mandatory requirements instrumentality effect sometime aboriginal successful the year.

Bithumb precocious joined with Coinone and Korbit, 2 different starring Korea-based cryptocurrency exchanges, to motorboat a task aimed astatine implementing FATF's "travel rule".

The inaugural was announced connected 31 August and volition spot the 3 exchanges prosecute idiosyncratic arsenic good arsenic associated efforts towards adhering to AML compliance requirements.

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