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Bithumb, South Korea’s largest crypto-exchange has now announced that it will no longer support cryptocurrency trade for traders based in 11 countries. This announcement comes as Bithumb revises their internal regulations to ensure that money laundering can be curbed. In addition to banning trade in 11 nations – foreign nationals registered on this exchange will now need to undergo a stricter verification process.

Bithumb has decided to ban these countries in as they are considered to be high-risk jurisdictions as per the Non-Cooperative Countries and Territories (NCCT) initiative. Bithumb has announced a ban on these nations because it has been suspected that the inflow of funds to these nations helps promote international crimes and terrorism. New members from these nations will no longer be accepted and existing members will no longer be able to access their accounts following the 21st of June.

“With growing concerns over money laundering through cryptocurrency trading, Bithumb, South Korea’s biggest cryptocurrency exchange, will ban digital asset trading with investors in North Korea, Iran, Iraq, and eight other countries that are considered as high-risk jurisdictions by the Non-Cooperative Countries and Territories (NCCT) Initiative.”

The 11 countries now banned by Bithumb are:

  • North Korea
  • Iran
  • Iraq
  • Sri Lanka
  • Serbia
  • Ethiopia
  • Syria
  • Trinidad and Tobago
  • Tunisia
  • Vanuatu
  • Yemen