September 3, 2021

Bithumb will introduce verification of foreign users

Bithumb will introduce verification of foreign users

South Korean bitcoin exchange Bithumb will restrict access to foreigners who do not confirm their identity with a cell phone. This is reported by The Korea Herald.

According to the publication, the decision was made by the company in an effort to meet the regulator's requirements regarding KYC procedures and to submit registration documents before the Sept. 24 deadline.

Foreigners living in Korea who do not go through the cell phone identification process will not be able to use the services, the newspaper quoted the exchange as saying

Bithumb did not specify when the changes would take effect. The exchange only advised users affected by the new measures to withdraw their assets in advance and said that due diligence will be mandatory during 2021.

Also, according to The Korea Herald, Bithumb, Coinone and Korbit have formed a joint venture to develop solutions in accordance with the Travel Rule adopted by the FATF in 2019.

As a reminder, Bithumb previously restricted access for users from "high-risk" jurisdictions as part of its anti-money laundering policy.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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