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Since may 27, a number of traders have lost the opportunity to work with the South Korean cryptocurrency exchange Bithumb. According to CCN, this decision was made by the management of the site to comply with the legislation on combating money laundering.

The black list included 11 countries with ineffective measures to counter money laundering and financing of terrorism that threaten the international financial system: North Korea, Iran, Iraq, Bosnia and Herzegovina, Ethiopia, Syria, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen.

Registration of new users from these jurisdictions is stopped. Transactions of already registered users are blocked, and their accounts will be disabled on June 21.

In order to avoid falsification of user information, Bithumb will develop a mandatory mobile verification procedure for foreign users.

Also, the management of crypto-exchange intends to listen to the recommendations of the government of South Korea and the Korean blockchain Association in terms of preventing market manipulation and insider trading.

# "We will strictly enforce our own rules and protect our investors, as well as actively cooperate with local authorities," Bithumb said.

Earlier in may, the financial services Commission of South Korea said that it would take part in the inspection of crypto-exchanges and join the investigation of money laundering conducted by the financial supervision Service.



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