Bithumb to ban trading Bitcoin (BTC) to unverified foreigners

Fri 03 Sep 2021 ▪ 9h20 ▪ 2 min de lecture - par Mary Anderson

Yesterday, Bithumb, one of the most popular cryptocurrency platforms in South Korea, announced the mandatory verification of identity via mobile phones. Now, unverified foreigners will not be able to use the platform.

Three weeks to verify your identity

According to The Korea Herald, this decision was made since the platform is getting ready for the upcoming registration with financial authorities. This must be done before 24th September: on this day will come into force the changes to the law on reporting and using certain information about financial transactions. Now foreigners who have not passed the identity verification procedure will not be able to use the services of the cryptocurrency platform, regardless of where they live.

The official notice says that the authentication procedure using a mobile phone via a Korean number is mandatory for everyone. Therefore, even those foreigners who live in Korea will be denied the services of the exchange without registration.

Previous changes

This is not the first time that Bithumb complicates the registration procedure for foreigners. Earlier, the platform required non-residents to enter the data of the foreigner registration card.

Digital assets have to be withdrawn

The company reminds that everyone who will no longer be able to use the services of the crypto platform should withdraw digital assets. At the same time, Bithumb does not name the exact deadline for a withdrawal but reports that it should be done within this year.

The changes to the law on the reporting and use of certain information about financial transactions have a powerful impact on the activities of cryptocurrency platforms. Earlier this week, Bithumb, Coinone and Korbit joined forces to work together to introduce new rules.

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Mary Anderson

I am sure that crypto assets are a new type of economy. We are at the origins of the crypto revolution. Right now, it is worth studying what cryptocurrencies and the blockchain are in order to make the most of this knowledge and these skills in the future.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.