Bithumb crypto exchange reportedly ban foreigners without mobile KYC

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South Korean crypto exchange Bithumb has reportedly announced a ban on foreigners who have not completed Know Your Customer (KYC) phone verification.

According to local Pulse coverage, non-Koreans using Bithumb crypto exchange will be subject to mandatory mobile verification. Although the rule is supposed to go into effect from this year, the exact date of the new KYC requirement has yet to be announced. Citing the Bithumbs opinion, the Korean Herald reported:

Foreigners residing in Korea who cannot process identification with cell phones cannot use the service.

Bithumbs’ decision for more stringent KYC requirements is in line with the country’s tightened anti-money laundering (AML) regulations. A July 8 report shows that central Seoul Customs tracked down 33 people who carried out illegal crypto transactions abroad worth $ 1.48 billion (1.69 trillion won).

Previously, Bithumb had placed restrictions on accounts that registered in high-risk jurisdictions as well as accounts from countries on the Financial Action Task Force’s heightened watch list.

The Korean Herald also reported that Bithumb has asked affected users to withdraw their assets if they are unable to comply by 2021, when customer due diligence becomes mandatory.

Bithumb did not immediately respond to Cointelegraphs request for comment.

Related: Korean Crypto Exchange Bithumb Boosts Its Anti-Money Laundering Measures

Korean authorities have taken a series of measures to curb illegal crypto transactions since 2020, forcing banks to step up oversight of crypto transactions.

More recently, crypto exchanges, including Bithumb, have introduced new measures, including tighter KYC controls and trade restrictions to enforce anti-money laundering efforts.

The country has already banned accounts from Myanmar, Barbados, Iceland, Iran, North Korea and 15 other countries.

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