{"id":38584,"date":"2021-03-09T15:21:46","date_gmt":"2021-03-09T13:21:46","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=38584"},"modified":"2025-08-30T05:32:24","modified_gmt":"2025-08-30T02:32:24","slug":"media-bithumb-to-block-users-from-high-risk-jurisdictions","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-bithumb-to-block-users-from-high-risk-jurisdictions\/","title":{"rendered":"Media: Bithumb to block users from high-risk jurisdictions"},"content":{"rendered":"

South Korean bitcoin exchange Bithumb has introduced new restrictions as part of its anti-money-laundering policy. The Korea Herald reports The Korea Herald<\/a>.<\/p>\n

<\/p>\n

According to the publication, the measures affect residents of countries on the FATF’s increased-monitoring list<\/a> [simple_tooltip content=\u2019Financial Action Task Force (FATF)\u2019]FATF[\/simple_tooltip] and jurisdictions deemed high-risk<\/a>.<\/p>\n

The first list includes the Bahamas, Barbados, Ghana, Iceland, Mongolia, Pakistan, Syria, and others. The second \u2014 Iran and North Korea.<\/p>\n

Bithumb will block existing user accounts from the listed regions and will prohibit residents from creating new accounts, the publication says.<\/p>\n

\n

\u201cThe company will continue to improve its system to protect investors and increase transparency in the cryptocurrency market,\u201d The Korea Herald quotes the exchange’s spokesperson.<\/p>\n<\/blockquote>\n

Journalists also reported on the exchange platform’s intention to tighten KYC procedures. According to them, Bithumb, in collaboration with Octa Solution, developed anti-money-laundering solutions for digital assets.<\/p>\n

On Wednesday, March 10, Chainalysis announced<\/a> its collaboration with Bithumb. Using the tools provided by the analytics company, the exchange plans to enhance security.<\/p>\n

In September 2020, Seoul police conducted a series of searches<\/a> at Bithumb’s offices and seized part of the shares<\/a> of Bithumb Holdings, owned by Bithumb Korea director Kim Ben-Genu.<\/p>\n

In the same month, the exchange’s CEO Lee Jong-hoon was summoned for questioning<\/a> in a case of fraud involving the native Bithumb token BXA. According to investigators, he raised about 30 billion won (~$25 million) in a presale but did not list the coin.<\/p>\n

Against the backdrop of news about Bithumb’s problems with authorities, the media reported that the company had been put up for sale again. Its value reportedly ranged from $430 million to $600 million.<\/p>\n

Back in January 2021, journalists named as a likely buyer<\/a> Bithumb gaming corporation Nexon Group. Representatives of the latter denied<\/a> reports of a potential deal worth 500 billion won (~$457 million).<\/p>\n

Subscribe to the ForkLog channel on YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

South Korean bitcoin exchange Bithumb has introduced new restrictions as part of its anti-money-laundering policy. The Korea Herald reports.<\/p>\n","protected":false},"author":1,"featured_media":38585,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1292,973,1166,974],"class_list":["post-38584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-aml-kyc","tag-bithumb","tag-centralized-exchanges-cex","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=38584"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38584\/revisions"}],"predecessor-version":[{"id":38586,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38584\/revisions\/38586"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/38585"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=38584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=38584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=38584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}