Bithumb will stop serving foreigners without verification – Bits Media

Bithumb, one of the largest exchanges in South Korea, will stop serving foreign citizens, who have not verified their identity with a local mobile phone number.

According to The Korea Herald, the decision to restrict the use of the Bithumb platform to unverified foreign citizens are associated with, that the exchange is preparing for registration with the financial regulator of South Korea before 24 september. This is the deadline for registering cryptocurrency platforms in accordance with the revised law on reporting and the use of certain information about financial transactions.

BITHUMB foreign users, who will not confirm their identity using the phone number, registered with Korean mobile operators, They will not be able to use the BITHUMB services regardless of the place of residence.

"Foreigners living in Korea, which did not have been identified using a mobile phone number, They will not be able to use the service ", – Surks BitHumb.

BitHumb also stated, that users who have not been verified must in advance withdraw assets from the site. The company did not specify the exact date of the introduction of a new ban and noted, that this will happen "during 2021 of the year, when a comprehensive customer check will become mandatory ".

BitHumb press secretary confirmed, that the company is taking final steps before applying for registration, which include establishing partnerships with local banks to open accounts with mandatory verification.

Recall, that at the end of August the UPBIT exchange became the first cryptocurrency site, registered
The regulator of South Korea in accordance with the new requirements. The remaining exchanges must be registered before 24 september. Previously a financial intelligence unit of Korea (KFIU) It was insisted
On that, to make foreign cryptocurrency exchanges, serving South Korean citizens, registered with the regulator in accordance with the new laws of the country to combat money laundering. New regulation is valid for local cryptocurrency exchanges.