Korean crypto exchange Bithumb toughens up its Anti-Money Laundering measures
The operator of South Korean cryptocurrency exchange Bithumb has placed restrictions on trading accounts registered in jurisdictions that are deemed to be too lax in curbing money laundering. South Korean cryptocurrency exchange Bithumb is toughening its approach to Anti-Money Laundering enforcement with a series of new measures that include trading restrictions, stronger Know Your Customer checks, and specialized blockchain intelligence solutions.The popular exchange, which has an estimated average of 1 million daily users and a daily transaction volume worth 5–7 billion ($4.4–6.2....
Related News
Bithumb’s stricter KYC requirements come in line with South Korea’s tightened Anti-Money Laundering regulations regarding foreign users of crypto exchanges. South Korean crypto exchange Bithumb has reportedly announced a ban on foreigners who have not completed phone-based Know Your Customer (KYC) verification.According to local coverage by Pulse, non-Koreans using the Bithumb crypto exchange will be subject to mandatory mobile verification. While the rule is reportedly set to be effective from this year, the exact date for the new KYC requirement is yet to be announced. Citing Bithumb’s....
The CEO of the South Korean cryptocurrency exchange Bithumb has made some predictions regarding the upcoming new rules governing the national industry. In fact, the executive believes there will only be between four and seven exchanges surviving the new regulation. Smaller Companies Unlikely to Meet New Banking, Anti-Money Laundering Protocols on Time During an interview with Hanguk Hyungjae, Heo Baek-young made an apocalyptic forecast for the local crypto firms. He believes that smaller companies could “struggle” to meet the Information Security Management System (ISMS)....
South Korean exchanges will require users to verify their third-party wallet addresses to help the country comply with FATF travel rule guidelines. Major South Korean crypto exchanges including Upbit, Bithumb and Korbit will follow Coinone's lead in banning transfers to non-verified wallets, industry analysts say. Yesterday Coinone announced that it would reject deposits from unverified private wallets starting Jan. 24 to reduce the risk of money laundering. All Korean exchanges, including Upbit, Bithumb, Korbit and 20 others, are expected to implement similar or identical measures as....
Nexon, the South Korean multi-billion-dollar gaming conglomerate, is reportedly planning to buy a 65% stake in troubled crypto exchange Bithumb in a deal worth about 500 billion won ($460 million). ● According to local media reports, Nexon is to buy all the shares owned by Bithumb chairman Lee Jung Hoon, including several others totaling up to 65% of the exchange’s outstanding shares. ● The Tokyo Stock Exchange-listed video gaming giant has since signed a memorandum of understanding (MoU) with the sellers to facilitate the transaction. The MoU was signed at the beginning....
South Korean crypto exchange Bithumb said it will deny access to foreigners unable to verify their identities via mobile phone. The decision comes as the trading platform moves to comply with the country’s updated regulations coming into force later this month. Korean Exchange Bithumb Prepares to Register Under New Rules Foreign nationals who do not pass mobile phone identity verification will not be able to use services provided by Bithumb, one of South Korea’s four largest cryptocurrency exchanges. The platform made the announcement this week as it prepares to follow new,....