Bithumb will not be available in 11 countries

The largest exchange of crypto-currencies south Korean Bithumb announced that it would block the trade of digital currencies in 11 countries. This decision has been taken to prevent money laundering. Foreign users will also be subject to a verification process is more strict.

Check out below a video in English explaining these facts :

Prevent money laundering

Bithumb announced on Sunday that its internal rules had been revised in order to prevent money laundering activities. A statement released by the south Korean group has shown that Bithumb, the largest exchange of crypto-currencies of South Korea, will ban the trade of digital currencies for investors in North Korea, Iraq, Iran and eight other countries seen as destinations that are at risk because of their legislation. Yesterday, the trading volume of Bithumb has exceeded that of Upbit, amounting to approximately 250,41 million, up from $ 235,1 million for Upbit.

Source : Pixabay. Bithumb banned in 11 countries access to their services in exchange for crypto-currencies.

To avoid the influx of funds related to money laundering, investors residing in these 11 countries will be blocked. In addition, new members from one of these countries will not be accepted. Bithumb has said they want to apply these rules to promote a transparent market and to protect investors.

11 countries will not be able to access the services of Bithumb

The financial action task force (FATF) is an intergovernmental organization with the initiative of the G7 to develop policies to combat money laundering. The policies and regulations implemented by these 11 countries are still inadequate to effectively combat money laundering. According to Bithumb, the other countries are Yemen, Vanuatu, Tunisia, Trinidad and Tobago, Syria, Ethiopia, and Serbia.

According to the press release of Bithumb, these 11 countries will not be able to access the services of the company. The objective of the group is to prevent its platform from being used for money laundering and financial terrorism.

Source : NewsBitcoin