Bithumb cryptocurrency exchange allegedly bans foreigners without mobile KYC

South Korean cryptocurrency exchange Bithumb has introduced a ban on foreigners who haven’t accomplished Know Your Customer (KYC) telephone verification.

According to native Pulse experiences, non-Koreans utilizing the Bithumb crypto exchange are topics for mobile gadget verification. While the rule is slated to enter impact this 12 months, the precise date for the brand new KYC requirement remains to be introduced. Citing Bithumb’s announcement, The Korean Herald reported:

“Foreigners residing in Korea who cannot identify themselves with their mobile phone cannot use this service.”

Bithumb’s transfer toward extra stringent KYC necessities is according to the nation’s robust anti-money laundering (AML) rules. A July 8 report discovered that the Seoul Central Customs tracked 33 individuals who had accomplished unlawful crypto transactions overseas valued at $ 1.48 billion (received 1.69 trillion).

Previously, Bithumb had positioned restrictions on accounts registered in “high-risk areas” in addition to reports from international locations on the Force’s “enhanced surveillance” listing.

The Korean Herald additionally reported that Bithumb has urged affected customers to withdraw their property if they’re unable to fulfill the necessities “within 2021 when due diligence is required”.

Bithumb didn’t instantly reply to Cointelegraph’s request for remark.

Related: South Korean cryptocurrency exchange Bithumb is hard on anti-money laundering measures.

The South Korean authorities have taken plenty of measures to curb unlawful cryptocurrency transactions since 2020 and required banks to step up supervision of cryptocurrency transactions.

More not too long ago, crypto exchanges, together with Bithumb, have launched new measures, together with more vigorous KYC checks and trade restrictions, to implement anti-money laundering efforts.

The nation has banned accounts from Myanmar, Barbados, Iceland, Iran, North Korea, and 15 international locations.