Bithumb will ban trading in 11 countries


June 21, accounts of Buthumb users who are on the list of non-cooperating countries and territories will be blocked.

South Korean crypto exchange Bithumb has suspended trading in 11 countries, including North Korea, Iran, Iraq..

In the message, published on Monday, May 28, indicated that the crypto-exchange is intending to conduct trading activities in accordance with the norms for combating money laundering, and therefore introduces a ban on all types of transactions for residents of countries included in the blacklist of Non-Cooperative Countries and Territories, NCCT).

This list includes countries that are distinguished by the lack of competent legislation in the field of combating money laundering and the financing of terrorism. In other words, these countries have not taken the necessary measures to eliminate threats that impede the effective development of the international financial system. Among the countries that fell under the prohibition of Bithumb, in addition to North Korea, Iran and Iraq, were Bosnia and Herzegovina, Ethiopia, Syria, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu, and Yemen.


The decision of the crypto-exchange has come into force on May 27. User accounts from the listed countries will be blocked from June 21, 2018.

In addition, Bithumb intends to strengthen the existing anti-money laundering policy by implementing measures in accordance with the recommendations of the regulatory authorities of South Korea and the Korea Blockchain Association, a self-regulatory organization. A number of other crypto-exchanges, including Bithumb and Upbit, will be subject to periodic inspections to assess their performance.