Increased regulatory oversight on cryptocurrency trading is driving exchanges to take extreme measures. After Bitfinex and Poloniex, Bithumb is taking additional measures to ensure anti-money laundering (AML) compliance with its country’s laws.
South Korea’s Bithumb, the world’s fifth largest cryptocurrency exchange by trading volume, is banning the use of its platform across 11 countries, the company announced on Sunday.
The 11 banned countries include
- Iran
- Ethiopia
- Iraq
- Serbia
- Sri Lanka
- Trinidad
- Tobago
- Tunisia
- Vanuatu
- Yemen
- Syria
Business Korea elaborated, a local media news channel told,
investigated by South Korean authorities earlier this month on charges of fraud, however no formal charges were pressed against it either.
The Financial Action Task Force (FATF) is largely an intergovernmental organization which was set up as an initiative of the G7 to assist in developing guiding principles to fight money laundering. On the other hand, the NCCT are nations that FATF has acknowledged as regions with inadequate policies as well as sets of laws to put a ceiling on money laundering.
In most cases, these countries do not have the regulations to restrict money laundering and the use of various forms of money to finance illegal operations. These countries include Iran, North Korea, Sri Lanka, and Iraq.
Last week, South Korean cryptocurrency exchange Korbit had announced that it will no longer support the trading of five cryptocurrencies: dash, monero, zcash, augur, and steem.
South Korean Crypto Exchange Korbit Delists Zcash, Monero and 3 More Altcoins
