South Korea is an important country in the cryptocurrency world. Its exchanges also generate a ton of trading volume. That situation may come to change pretty soon. Bithumb will suspend in 11 countries around the world. This is a direct result of the company’s ongoing fight against money laundering.
Bithumb is a very prominent company in the cryptocurrency world. It generates a ton of trading volume for all of the altcoins on the problem. As such, the company also receives some prominent international attention. That causes some problems for the company, by the look of things. With its internal regulations being revised, a major change is on the horizon.
An Interesting Decision by Bithumb
More specifically, the country will stop its trading services in 11 regions. This list includes Iran, Iraq, and North Korea, for rather obvious reasons. The other eight countries have not been specified at this time. It is a direct result of the Non-Cooperative Countries and Territories Initiative which has been inked in South Korea a while ago
This decision may not have a big impact on the exchange itself. South Korea is its biggest trading market, after all. Everything else is a nice bonus but not critical to the survival of the company. Preventing money laundering is a much bigger objective
This self-enforcement of restricting trading is rather interesting. Asian exchanges have shown a tendency of self-regulating to avoid any further scrutiny down the line. Whether or not other exchanges will follow this lead by example, remains unclear. It is evident some regions pose much bigger threats compared to others in this regard.
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