One of the biggest exchanges Bithumb BANS 11 countries

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As many of the financial laws have started putting their hands onto the crypto world, some of the exchanges had also started to comply with the enforced rules in a rather dramatic way.

Bithumb, one of the biggest exchanges by trading volume in the world had taken some serious actions in order to comply with the anti-money laundering regulations. It has started implementing a trading ban on 11 countries around the world, marking them as Non Cooperative Countries and Territories (NCCT) that had not have taken enough measures to combat money laundering, terrorist financing and other threats to the international financial system.

Some of those countries that also include North Korea are: Bosnia and Herzegovina, Ethiopia, Serbia, Syria, Iran, Iraq, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen. The list have been a made by the Financial Action Task Force (FATF), which is a intergovernmental organization that fights money laundering.

People from these countries wont be able to create new accounts after May 27th and the old accounts belonging to users from the banned countries will be disabled from June 21.

Bithumb wants to make sure that they comply with the AML standards and laws in their country. The local law enforcement had raided the crypto exchange office this January on charges of tax evasion but there were no convictions.

A spokesperson for the exchange has stated:

“We will strictly enforce our own rules and protect our investors while we actively cooperate with local authorities.”