Korea’s Biggest Cryptocurrency Exchange Bithumb Will Ban Trading in 11 Countries

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Cryptocurrency in Korea

South Korea’s largest crypto exchange Bithumb bans trading in North Korea and Iran, among others.

Bithumb

Citing increased money laundering concerns, Bithumb will ban cryptocurrency trading in eleven countries. This includes Iran, Iraq, North Korea and eight other countries considered to be high-risk jurisdictions.

The immediate ban started on May 28 on the aforementioned countries monitored by the Non-Cooperative Countries and Territories (NCCT) Initiative.

New users from these countries will not be accepted as well. Bithumb is also expected to disable the existing user accounts on June 21st.

In addition, the crypto exchange company says they are also implementing recommendations from the South Korean government. They are also putting into consideration the recommendations from the Korea Blockchain Association. The latter introduced ethical codes to strengthen transparency in the local crypto market.

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

Other countries on the list include Trinidad and Tobago, Tunisia, Vanuatu, Yemen, Bosnia and Herzegovina, Ethiopia, Syria, and Sri Lanka.

Bithumb is Korea’s largest cryptocurrency exchange and the world’s 5th largest.