As part of its new anti-money laundering policy, the global cryptocurrency exchange Bithumb will be banning users from eleven countries effective on May 28th.
The countries chosen in particular were those that are member states of Non-Cooperative Countries and Territories (NCCT) initiative.
The Initiative was implemented as a method of countering money-laundering and identifying nations that don't comply with current legislation. By initiating a ban on users from these countries, Bithumb hopes to contribute towards this process.
The new ban means that citizens of any of these member nations will be unable to access the exchange.
The announcement - made in a press release by Bithumb earlier this week - sees the exchange reaffirming its dedication to upholding anti-money laundering and counter-terrorism policy:
“NCCT users will be prevented from using the exchange so that cryptocurrency is not used to fund international terrorism."
States targeted by this ban include Egypt, Iran, Ethiopia, Iraq, Serbia, Sri Lanka and Tunisia.
The ban comes into effect as of 28th May, with a phased plan to remove existing accounts from NCCT states. According to the press release it’s expected that a full removal of these accounts will be undertaken on June 21st.
These developments are the latest in a line of regulatory clamp-downs aimed at preventing illicit activities on South Korean exchanges.
Earlier this year, South Korean exchange users were informed that they would be unable to trade any form of cryptocurrency anonymously. Instead, authorities will require users to provide their real information to track their activities.