{"id":334287,"date":"2021-09-03T12:03:34","date_gmt":"2021-09-03T09:03:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bithumb-crypto-exchange-reportedly-bans-foreigners-without-mobile-kyc\/"},"modified":"2021-09-03T12:03:34","modified_gmt":"2021-09-03T09:03:34","slug":"bithumb-crypto-exchange-reportedly-bans-foreigners-without-mobile-kyc","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bithumb-crypto-exchange-reportedly-bans-foreigners-without-mobile-kyc\/","title":{"rendered":"# Bithumb crypto exchange reportedly bans foreigners without mobile KYC"},"content":{"rendered":"

“# Bithumb crypto exchange reportedly bans foreigners without mobile KYC <\/strong>”
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South Korean crypto exchange Bithumb has reportedly announced a ban on foreigners who have not completed phone-based Know Your Customer (KYC) verification.<\/p>\n

According to local coverage by Pulse<\/a>, non-Koreans using the Bithumb crypto exchange will be subject to mandatory mobile verification. While the rule is reportedly set to be effective from this year, the exact date for the new KYC requirement is yet to be announced. Citing Bithumb\u2019s notice, The Korean Herald reported<\/a>:<\/p>\n

\u201cForeigners residing in Korea who cannot process identification with mobile phones cannot use the service.\u201d<\/p>\n

Bithumb\u2019s move for stricter KYC requirements comes in line with the country\u2019s tightened Anti-Money Laundering (AML) regulations. A report from July 8 shows that Seoul Central Customs tracked down 33 people who completed illegal overseas crypto transactions worth $1.48 billion (1.69 trillion won). <\/p>\n

Previously, Bithumb had imposed restrictions on accounts that signed up from \u201chigh-risk jurisdictions\u201d as well as the accounts from countries belonging to the Financial Action Task Force’s \u201cincreased monitoring\u201d list. <\/p>\n

The Korean Herald also reported that Bithumb has asked the affected users to withdraw their assets if they are not able to comply \u201cwithin 2021 when customer due diligence becomes mandatory.\u201d <\/p>\n

Bithumb did not immedia<\/a>tely respond to Cointelegraph\u2019s request for comment.<\/p>\n

Related: <\/strong>Korean crypto exchange Bithumb toughens up its Anti-Money Laundering measures<\/em><\/strong><\/p>\n

The Korean authorities have taken a series<\/a> of measures to curb illegal crypto transactions since 2020, requiring banks to strengthen the monitoring of cryptocurrency transactions. <\/p>\n

More recently, crypto exchanges including Bithumb have introduced new measures including stronger KYC checks and trading restrictions to enforce Anti-Money Laundering efforts. <\/p>\n

The country has already banned accounts that originated from Myanmar, Barbados, Iceland, Iran, North Korea and 15 other countries.<\/p>\n