Skip to content

Blockchain News Feed

All the latest news on Blockchain & Cryptocurrencies

Menu
  • Home
  • News
  • Exchanges
  • Market Analysis
  • YouTube
  • Brave Browser
Menu

Bithumb Bans Crypto Trading in 11 Countries

Posted on mei 28, 2018mei 30, 2018 by Blockchain News

Bithumb Bans Crypto Trading in 11 Countries

Bithumb Bans Crypto Trading in 11 Countries

The biggest Korean cryptocurrency exchange Bithumb, has announced it will cease to offer its services for residents of 11 countries, citing security and money laundering concerns.

The undesirable territories include Bosnia and Herzegovina, Ethiopia, Syria, Iran, Iraq, North Korea, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen. These countries have been labeled as high risk by the Non-Cooperative Countries and Territories (NCCT) initiative, which has determined they are not doing enough to prevent money laundering, terrorist financing and other threats within their borders.

The ban is a part of a broader effort by Bithumb to protect its transparency and weed out fraudsters and other bad actors from its client ranks. It has come into immediate effect, with the exchange refusing to accept new users from the said countries from May 27th and onwards. Existing users from the NCCT countries have until June 21st to withdraw their funds as their accounts will be disabled then.

Bithumb is the 5th-largest digital asset exchange globally per data from CoinMarketCap, with its 24-hour trading volume exceeding $460m at press time.

According to the official spokesperson of the exchange, “The Bithumb team will voluntarily impose strict policies and cooperate closely with local financial authorities to increase the transparency in the cryptocurrency market and protect investors. With progressive voluntary policies, Bithumb will improve the global standard of cryptocurrency exchanges.“

The ban seems at least partially influenced by the recent events in Japan. Earlier this month reports have surfaced that Yakuza gangs have laundered hundreds of millions of USD, using the anonymous Zcash, Dash, and Monero cryptocurrencies.

Following the revelation, Japanese government formally requested the country’s exchanges to delist the privacy-oriented tokens. Although it must be said that only Monero can be classified as the truly anonymous virtual currency, since the majority of Zcash transactions are actually public, while privacy is offered as an additional feature on Dash.

There has also been significant pressure from South Korean authorities to implement additional security measures. The recently established Korea Blockchain Association recommended a number of know-your-customer measures in order to enhance transparency within the crypto industry. Additional rules to prevent market manipulation have also been introduced.

While technically they were recommendations, which means implementing them was not mandatory, it seems the exchanges had no other choice but to comply as they would face increased regulatory scrutiny otherwise. Even now, major exchanges will still be evaluated on a constant basis. Bithumb added that mobile ID verification process for international users will be implemented shortly.

Image Source: “Flickr”

The post Bithumb Bans Crypto Trading in 11 Countries appeared first on Toshi Times.

Source: Toshi Times

Ledger Nano X - The secure hardware wallet

Geef een antwoord Reactie annuleren

Het e-mailadres wordt niet gepubliceerd. Vereiste velden zijn gemarkeerd met *

Recente berichten

  • KyberSwap announces first ever $ARB token liquidity pools, liquidity mining and trading campaigns on Arbitrum
  • KyberSwap announces first ever $ARB token liquidity pools, liquidity mining and trading campaigns on Arbitrum
  • The impact of the Credit Suisse bank crisis on the crypto market
  • U.S. IRS explores NFT taxation; seeks public discourse
  • Crypto Exchange Luno Rejigs Leadership Roles as It Seeks to Boost Investor Base, Eyes Public Listing

Categorieën

  • Altcoin Buzz
  • Altcoin Buzz News
  • AMBcrypto
  • Bitcoin.com
  • Bitcoinist
  • BTC Manager
  • CCN
  • Coin Mastery
  • Coindesk
  • Coinpower News
  • Cointelegraph
  • CryproSlate
  • Crypto Daily
  • Crypto News (.net)
  • Cryptocoin News
  • Cryptocurrency News
  • CryptoDaily.co.uk
  • CryptoPotato
  • CryptosRUs
  • Daily HODL
  • DataDash
  • Ethereum Worldnews
  • Exchanges
  • ICO's
  • Invest in Blockchain
  • Market Analysis
  • News
  • News BTC
  • Newsbit
  • Portfolio
  • Pricecheck
  • Ready Set Crypto
  • The Modern Investor
  • ToshiTimes
  • Use The Bitcoin

Archieven

  • maart 2023
  • februari 2023
  • januari 2023
  • december 2022
  • november 2022
  • oktober 2022
  • september 2022
  • augustus 2022
  • juli 2022
  • juni 2022
  • mei 2022
  • april 2022
  • maart 2022
  • februari 2022
  • januari 2022
  • december 2021
  • november 2021
  • oktober 2021
  • september 2021
  • augustus 2021
  • juli 2021
  • juni 2021
  • mei 2021
  • april 2021
  • maart 2021
  • februari 2021
  • januari 2021
  • december 2020
  • november 2020
  • oktober 2020
  • september 2020
  • augustus 2020
  • juli 2020
  • juni 2020
  • mei 2020
  • april 2020
  • maart 2020
  • februari 2020
  • januari 2020
  • december 2019
  • november 2019
  • oktober 2019
  • september 2019
  • augustus 2019
  • juli 2019
  • juni 2019
  • mei 2019
  • april 2019
  • maart 2019
  • februari 2019
  • januari 2019
  • december 2018
  • november 2018
  • oktober 2018
  • september 2018
  • augustus 2018
  • juli 2018
  • juni 2018
  • mei 2018
  • april 2018
  • maart 2018
  • februari 2018
  • januari 2018
  • december 2017
  • november 2017
  • oktober 2017
  • september 2017
  • maart 2017
  • juni 2016
  • juli 2014
  • september 2013
  • augustus 2013
©2023 Blockchain News Feed | Design: Newspaperly WordPress Theme