Bithumb toughens rules for foreigners
Bithumb, the largest cryptocurrency exchange in South Korea, announced tougher rules by introducing a new ban on the use of the trading platform for foreigners who have not verified using their phones.
Representatives of the exchange explained this decision by the fact that the platform is now preparing for registration with the country's financial regulators, in accordance with the requirement of the local department put forward earlier. The deadline for registration is September 24 this year.
Foreigners residing in South Korea who are unable to pass KYC verification by verifying their identity using a personal mobile phone will no longer be able to trade cryptocurrencies within the platform. Earlier, Bithumb also imposed a ban on citizens of other countries from registering on the exchange without a foreign registration card.
The company mentioned that those users who will be affected by this ban should take care in advance to withdraw all their assets from the exchange. However, the exact dates were not named, emphasizing only that this should be done “within 2021”, citing the tightening of due diligence of clients on a mandatory basis.
Bithumb said the company had entered the home stretch in filing for registration. According to them, this will allow the exchange to establish even more mutually beneficial partnerships with South Korean banks, simplifying the process of opening accounts for clients.
This week, platforms Korbit, Bithumb, and Coinone set up a partnership venture to develop a “rule of travel” that was one of the most recent demands from the financial regulator.
Meanwhile, another major local crypto exchange, Upbit, has successfully registered with KoFIU.