KANALCOIN NEWS – Bithumb exchange (28/5), which is the fifth largest crypto exchange according to trading volume, has issued its latest regulation, which prohibits the use of its accounts in 11 different countries. This ban is part of the new Anti Money Laundreing (AML) practice process and has been officially announced to all Bithumb users in several countries.
Bithumb assesses that because the wave of use of digital currency is getting bigger and out of control, some exchange media must make a way so that the big wave does not have an adverse impact on the digital currency environment.
In an official press release issued by Bithumb on May 27 2018, Bithumb confirmed that the countries that entered into the banned practice were Non-Cooperative and Territories (NCCT) countries, they would no longer be able to use Bithumb’s services. New account applications will be rejected immediately on Monday 28 May 2018, while existing accounts will be removed on 21 June 2018.
So that some existing accounts can prepare themselves before the account is completely eliminated. They can empty the balance in the account and complete transaction activities before June 21.
Bithumb also emphasized that they would not be careless in closing several accounts later, the explanation regarding this process was very clear as part of “global anti-money laundering efforts” because after all money laundering had to be prevented.
Meanwhile, still based on the press release submitted by Bithumb, NCCT users will be prevented from using exchanges on Bithumb accounts so that cryptocurrency cannot be used to finance illegal activities such as international terrorism or buying and selling illegal drugs with payments via Bithumb.
For the NCCT itself, it will involve several countries that do not comply with the Anti Money Laundering standards that have been set directly by the Financial Action Task Force on Money Laundering (FATF), a structure formed since the 1980s by the G7.
Several jurisdictional countries that will be targeted by Bithumb include Iran, Iraq, Ethiopia, Serbia, Sri Lanka and Tunisia. These countries are very clearly considered to be the most vulnerable if they are allowed to use crypto freely without any definite rules. Bithumb’s decision is absolute and clear and has been considered very carefully so that it must be implemented as soon as possible.
Bithumb’s spokesperson also emphasized in the press release that had been made, that they would be very strict and not arbitrary in enforcing the rules on the Bithumb Exchange. This is done to protect investors who have entrusted their assets to Bithumb as well as several other users who have made Bithumb a trusted crypto exchange medium.
Bithumb will also actively cooperate directly with the authorities so as not to experience regulatory errors when setting the rules that have been made, in order to avoid the bad risk due to misuse of crypto exchange media for activities that are not permitted.
Law enforcement by Bithumb is urgently needed, especially with the various interests in crypto today. Meanwhile, on the other hand, South Korea’s exchanges have faced regulatory compliance demands for quite a long time, namely since the end of 2017. This was done from a verified tax with an identity as an effort by the authorities to be able to standardize and also secure the cyrpo market as quickly as possible.
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