According to reports, Bithumb exchange is tightening their KYC requirements specially for the users outside of South Korea.
Bithumb is a local and popular crypto exchange in South Korea. This exchange allows users to use their services from global countries. Recently the Korean regulators, warned all the crypto exchanges to tighten their security and KYC verification to prohibit the money laundering activities.
Related: Korea Will Ban All Crypto Exchanges Which Are Running Without Permission
So to increase the KYC verification requirements, Bithumb Korea decided to ban all the crypto users who had not completed their mobile KYC verification yet. Since this is not an official statement by Bithumb but this report came from Pulse.
According to Pulse, Bithumb will ban all non Korean users which had not verified accounts through mobile.
“Foreigners residing in Korea who cannot process identification with mobile phones cannot use the service.”
As per report, the exchange didn’t give any kind of date limit or deadline but maybe they can soon announce, for the same.
In July 2021, the Seoul Central Customs found 8 people who did illegal transactions in crypto through the exchange with around $1.5 billion. So probably it is pressure from the regulators over the crypto exchanges to strictly follow KYC verification guidelines.
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