In a reference to concerns over money laundering, South Korea's largest crypto currency trading platform "bithumb"has banned trading in 11 countries including North Korea, Iran and Irak
In a statement on Monday, the platform said it would comply with international anti-money laundering standards by banning all transactions of residents of jurisdictions belonging to the Black Non-Collaborating Countries and Territories (CCCT) list.
The 11 NCCT countries are seen by the FATF as countries that have not taken adequate measures to combat money laundering, terrorist financing, and other threats to the global financial system.These are the states, North Korea, Bosnie-Herzégovine ,Éthiopie, Syrie, Iran, Irak Sri Lanka, Trinidad and Tobago, as well as Tunisie, Vanuatu and Yémen.
This procedure came into effect on May 27, with "bithumb"stopping new users from the 11 countries included in the "NCCT" Users of this platform who belong to these countries will witness a breakdown of their accounts starting from On the 21st June.
According to data released by "CoinMarketCap", "Bithumb" is South Korea's largest trading platform and the fifth largest trading platform in the world with more than $ 400 million worth of primary currency traded over a 24-hour period.
"bithumb"says it has done its anti-money laundering policies by implementing the recommendations from the South Korean government and the Korea Blockchain Association, a self-regulatory industry task force. The TRA, founded in December last year, has introduced a number of measures, including ethical codes, in an effort to promote transparency in local currency markets. This industry body also imposes strict rules to reduce market manipulation and internal trade. A number of major platforms, including "Bithumb" itself and "Upbit" will be subject to periodic assessments. For his part, added a spokesman for "Bithumb" in this regard:
"We will strictly enforce our own rules and protect our investors while actively cooperating with local authorities"
