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Author Topic: [2018-05-28] Bithumb banned users from 11 countries  (Read 73 times)
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May 28, 2018, 04:18:33 PM
 #1

Bithumb, South Korea's largest cryptocurrency exchange platform, announced that it would block trade in 11 countries, as part of a review of its internal regulations, aimed at preventing money laundering and other uses Criminal cryptocurrency. Foreign users will also have to undergo a stricter verification process.
Bithumb will also ask non-South Korean users to undergo a stricter verification process, to avoid fraud and falsification of personal information.
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May 28, 2018, 04:37:22 PM
 #2

I do believe that you have to provide a link to the original press release?
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May 28, 2018, 06:16:24 PM
 #3

Will do it in behalf of OP[1], or simply search the title on google and many press articles will show about this ban.

[1] Source: https://cointelegraph.com/news/bithumb-crypto-exchange-bans-accounts-from-11-countries

Most countries that have been ban is from the middle east and including Nokor with money laundering concerns and to avoid terrorist funding which is a bit useless since this criminals can use any exchange to fund their organizations or whatsoever they call that.



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May 28, 2018, 07:38:36 PM
 #4

Will do it in behalf of OP[1], or simply search the title on google and many press articles will show about this ban.

[1] Source: https://cointelegraph.com/news/bithumb-crypto-exchange-bans-accounts-from-11-countries

Most countries that have been ban is from the middle east and including Nokor with money laundering concerns and to avoid terrorist funding which is a bit useless since this criminals can use any exchange to fund their organizations or whatsoever they call that.

I only found 6 countries from 11.
Anti-laundreing is the main reason. Serbia? They forgot to add Russia and North Korea too Tongue (oops North Koreans cannot connect anyway)



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May 28, 2018, 07:40:17 PM
 #5

In this era of globalized crypto exchanges, it really doesn't matter. If users use crypto-only exchanges, they can operate (almost) anonymously. If KYC-compliant crypto exchanges see only the last leg, they really cannot do much or check whether money laundering takes place.


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May 28, 2018, 07:42:21 PM
 #6

I only found 6 countries from 11.
Anti-laundreing is the main reason. Serbia? They forgot to add Russia too Tongue

I've heard nothing about that anywhere else but in that article. It's probably someone from localbitcoin doing some major dodgy activity.

p.s. knowing how many times people confuse Serbia with Syria and Siberia, that just might be the case.  Grin Grin Grin



Just as I've thought:

Quote
The countries, in addition to North Korea, include Bosnia and Herzegovina, Ethiopia, Syria, Iran, Iraq, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen.

Checking on the link kwabeedat provided, They've meant Syria not Serbia. Grin Grin Grin
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May 28, 2018, 07:47:49 PM
 #7

I'm suspecting they're thinking of terrorism rather than money laundering. Looking at the majority of the cohntries being from the middle east. It seems this accusations of BTC being used for terrorism has been there fore a very long time. Anyways let's hope for a better future of bitcoin. Another additional source can be found at https://www.ccn.com/koreas-biggest-cryptocurrency-exchange-bans-trading-in-11-countries/amp/

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May 28, 2018, 08:46:16 PM
 #8

I'm suspecting they're thinking of terrorism rather than money laundering. Looking at the majority of the cohntries being from the middle east. It seems this accusations of BTC being used for terrorism has been there fore a very long time. Anyways let's hope for a better future of bitcoin. Another additional source can be found at https://www.ccn.com/koreas-biggest-cryptocurrency-exchange-bans-trading-in-11-countries/amp/
Terrorism or money laundering then it would really be just still the same where they do make such decision or changes to be more strict and now they are blocking or banning users from 11 countries.We cant do anything with this kind of decision but sorry for those users who are included on such country but yet this isnt really a big issue at all since there are lots of exchangers which can be used and doesnt imposed too much stricter rules.

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May 29, 2018, 12:04:17 AM
 #9

Checking on the link kwabeedat provided, They've meant Syria not Serbia. Grin Grin Grin

Yeah, i though about that. I was a little bit confused first, it is like search the intruder on the list. Then i said maybe because it is an ally to Russia but where is Russia in the list!
Well back to the list it is definitely chosen not for laundering activity as the main reason but rather to the instability and the terror activities in some of these countries..



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May 29, 2018, 08:00:29 AM
 #10

I do believe that you have to provide a link to the original press release?
Here's the link : https://www.ccn.com/koreas-biggest-cryptocurrency-exchange-bans-trading-in-11-countries/
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May 29, 2018, 08:48:56 AM
 #11

Will do it in behalf of OP[1], or simply search the title on google and many press articles will show about this ban.

[1] Source: https://cointelegraph.com/news/bithumb-crypto-exchange-bans-accounts-from-11-countries

Most countries that have been ban is from the middle east and including Nokor with money laundering concerns and to avoid terrorist funding which is a bit useless since this criminals can use any exchange to fund their organizations or whatsoever they call that.

I only found 6 countries from 11.
Anti-laundreing is the main reason. Serbia? They forgot to add Russia and North Korea too Tongue (oops North Koreans cannot connect anyway)

what does Russia or North Korea has to do with money laundering?
or is it just one of the stereotypical cliches,hey they say in press that North Korea and Russia are evil evil,so lets blame them for everything including bad weather Smiley
the usual: anti money laundering and fighting terrorism,read-we want to control everything and remove your privacy
also punish the countries we do not like under any pretext
Iran is the prime example,by the way ...like the kingdom of the money launderers,haha,seriously?

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May 29, 2018, 01:32:07 PM
 #12

also punish the countries we do not like under any pretext

This is the key message to lick the US government and its blind allies in order to avoid future problems.
The main reason behind this isn't explicit yet and these countries don't have a considerable weight in the crypto-world. I think that this exchange will try in the future to expand its activity further.



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May 30, 2018, 09:32:37 AM
 #13

I only found 6 countries from 11.
Anti-laundreing is the main reason. Serbia? They forgot to add Russia too Tongue

I've heard nothing about that anywhere else but in that article. It's probably someone from localbitcoin doing some major dodgy activity.

p.s. knowing how many times people confuse Serbia with Syria and Siberia, that just might be the case.  Grin Grin Grin



Just as I've thought:

Quote
The countries, in addition to North Korea, include Bosnia and Herzegovina, Ethiopia, Syria, Iran, Iraq, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen.

Checking on the link kwabeedat provided, They've meant Syria not Serbia. Grin Grin Grin



There is original Press Release translated to english, and you can see that Serbia and Syria are both on the list, can it be bad translate?


This is the key message to lick the US government and its blind allies in order to avoid future problems.
The main reason behind this isn't explicit yet and these countries don't have a considerable weight in the crypto-world. I think that this exchange will try in the future to expand its activity further.

It is true that South Korea and USA are great allies, so it is possible that some countries from Bithumb block list may have connection with USA travel ban list which include :  Iran, Libya, Somalia, Syria, Yemen and North Korea.

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