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Bithumb Bans Accounts From 11 Countries

Leading cryptocurrency exchange platform, Bithumb recently announced about banning users from eleven countries. According to the official information, starting from today, May 28 as part of new practices established for anti money laundering, users from these 11 countries will no longer be able to use the services of the exchanger.

In athe press release issued by the company yesterday, the Non-Cooperative Countries and Territories (NCCT) were listed stating that the citizens of these states are banned from exchanging on Bithumb. In addition, it was also informed that new account applications form the named states will be refused starting from today, while all the existing accounts will be deleted by June 21.

According to Coinmarketcap data, Bithumb is currently the fifth largest exchange platform in the world by trade volumes. The representatives of the exchanger explained the decision of the company on placing the ban, stating that it was acting as part of “global anti money laundering efforts.”

The message stated that the key point in banning the NCCT users from using the services of the exchange platform is to prevent the traded cryptocurrencies from being used to fund international terrorism. “The NCCT involves countries that do not comply with AML standards set by the Financial Action Task Force on Money Laundering (FATF), a structure set up by the then G7 in the 1980s”, stated in the press release.

The named jurisdictions that Bithumb will be targeting include countries such as Iran, Ethiopia, Iraq, Serbia, Sri Lanka and Tunisia.

Bithumb spokesman also added that they will strictly enforce their own rules and protect their investors in addition to actively cooperating with the authorities.

Meanwhile, as the industry fans can be aware of, Bithumb has been continuously propagating the cryptocurrency usage at home on its ongoing partnerships with major businesses to further acceptance.

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