Bithumb Restricts Foreign Member Sign-Ups... Focuses on Anti-Money Laundering Measures

[Asia Economy Reporter Gong Byung-sun] Domestic cryptocurrency exchange Bithumb has decided to restrict new memberships for foreigners to prevent money laundering. Transactions with residents of four countries at risk of money laundering, including the Philippines and Malta, will also be blocked.

On the 8th, Bithumb announced that it will strengthen customer verification procedures for foreigners and block transactions with residents of countries designated by the Financial Action Task Force (FATF) as non-compliant and uncooperative with anti-money laundering (AML) regulations (the Philippines, Malta, Haiti, and South Sudan).

New memberships for foreigners residing overseas who have difficulty verifying their identity via mobile phone will be restricted starting from 3 p.m. on the 13th. Foreigners residing in Korea will not be able to join Bithumb without obtaining a foreigner registration card.

Transactions with residents of AML non-compliant and uncooperative countries have also been blocked. On the 25th of last month, after the 4th plenary meeting, FATF added four countries including the Philippines to the list of countries not complying with international AML standards. As a result, the number of countries whose transactions are blocked by Bithumb increased from the previous 20 countries, including North Korea and Iran, to a total of 24 countries. According to regulations, users from blocked countries cannot register as new members on Bithumb, and existing members' accounts will also be suspended.

A Bithumb official stated, “We will continuously improve regulations and systems related to anti-money laundering and prevention of financial accidents to create a transparent and sound cryptocurrency market and protect investors.”

This content was produced with the assistance of AI translation services.