The move comes as a result of concerns over money-laundering activities by countries belonging to the Non-Cooperative Countries and Territories (NCCT) blacklist. All countries on the list have been blocked as Bithumb attempts to comply with anti-money laundering practices.
The Financial Action Task Force (FATF) is an inter-governmental agency that maintains the list, which includes countries they believe have not taken sufficient measures to restrict financially threatening activities such as money laundering and financing terrorism.
In addition to the above three, the list also features Bosnia Herzegovina, Ethiopia, Syria, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen. The ban has been implemented since May 27th and any users belonging to a listed country will have their account disabled from June 21st.
In its announcement, Bithumb goes on to state that they are strengthening their general policies regarding money laundering by implementing recommendations from South Korean government authorities.
In December last year, the Korean Blockchain Association was established and acts as a self-regulatory body introduced to maintain ethical and transparent activity in the cryptocurrency markets. It has developed rules to prevent practices that undermine the nature of blockchain technology, such as market manipulation and insider trading.
Other major Korean exchanges such as Upbit will also be subject to evaluations from the body.
Earlier this month Bithumb announced its support for the TRON mainnet migration.
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