List of Countries Banned by Cryptocurrency Exchange Bithumb in Latest Crackdown

Effective May 28, South Korea’s largest cryptocurrency exchange Bithumb will ban 11 countries from trading on its platform.

The banned countries are:

• Bosnia and Herzegovina
• Ethiopia
• Iran
• Iraq
• North Korea
• Sri Lanka
• Syria
• Trinidad and Tobago
• Tunisia
• Vanuatu
• Yemen

Bithumb is complying with strict anti-money laundering (AML) regulations as part of a global effort to crack down on crypto traders who are engaged in criminal activity.

According to the announcement, last December Bithumb began strengthening its anti-money laundering policy to reflect the recommendations of government authorities and the Korea Blockchain Association.

Non-Cooperative Countries and Territories (NCCT) countries are deemed to be high risk by the Financial Action Task Force because they have failed to take measures to implement internationally recognized standards that are designed to prevent and detect money laundering and terrorist activities.

In addition, Bithumb has created a framework for the prevention of damage “caused by accidents such as voice phishing and rapid recovery of damages by making provisions for the prevention of telecommunication financial fraud damage.” A new security layer for international users will require a mobile verification process.

New account sign-ups from NCCT countries will be barred starting today with existing accounts being deleted by June 21.

“We will strictly enforce our own rules and protect our investors, and we will actively cooperate with the authorities,” according to the statement. “We will lead the standards of the Worldwide Codex Exchange with autonomous regulation ahead of schedule.”

Bithumb is the world’s fifth largest exchange by trade volume, after OKEx, Binance, Huobi and Bitfinex.

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