Bithumb wants to ban foreign dealers who fail to identify mobile phones - Bitcoin News
Bithumb wants to ban foreign dealers who fail to identify mobile phones - Bitcoin News
The South Korean crypto exchange Bithumb said that it would refuse access to foreigners who cannot verify their identity via the mobile phone. The decision is made while the trading platform complies with the country's updated regulations that come into force at the end of this month.
Korean Exchange Bithumb is preparing for new rules.
Foreign nationals who do not pass the identity exam for mobile phones cannot use the services of Bithumb, one of the four largest cryptocurrency exchanges in South Korea. The platform announced this week because it is preparing to follow new, stricter rules for the Korean crypto sector by September 24th.
The state's revised special fund law came into force on March 25 and will come into force after a six -month grace period. It requires domestic crypto exchanges in the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC). You also have to use local banks when implementing the real name Account system.
although Bithumbs September 1st Note is aimed at "living abroad" that "resident in Korea" that does not use your identity Can verify mobile phone, cannot use the platform. According to the Korea Herald test report In this context, the dealers should carry out the procedure for "Korean mobile phones" and "regardless of their place of residence". The publication also notes that Bithumb has already hired the admission of foreigners without foreigners.
The stock exchange also warned affected users to withdraw their assets without specifying a date. According to the announcement, the services "within 2021 (if the confirmation by the customer becomes mandatory)" are discontinued. The trading platform promised to notify the users again "if the customer check is mandatory and changes of guidelines are made".
The English-language Korean daily newspaper quoted a Bithumb official who said the company undertook the last steps before registering with the Financial Intelligence Unit, South Korea's most important anti-money laundering. In July, Bithumb can Operate abroad under their brand name.
On Friday, Upbit, the country's largest stock exchange for digital assets, registered as the first platform at the FIU. The newspaper added Bithumb, Coinone and Korbit to propose a "travel sail" solution in order to meet another of the new regulatory requirements.
Do you expect other Korean crypto exchanges to introduce similar restrictions for foreigners? Tell us in the comment area below.
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