Bithumb introduced new restrictions

[Daltonik]

South Korean exchange Bithumb has introduced new restrictions as part of its anti-money laundering policy, The Korea Herald reports, these measures will affect residents of countries from the FATF's enhanced monitoring list and high risk  jurisdictions. Bithumb will block existing user accounts from the listed regions and prohibit residents from creating new accounts.

“The company will continue improving its system to protect investors, and enhancing transparency in the crypto market,” a Bithumb official said.

While verifying the identity of customers, the Korean firm is also beefing up its “know your customer” processes.

List of countries whose residents are subject to these restrictions:

Albania
The Bahamas
Barbados
Botswana
Cambodia
Ghana
Iceland
Iran
Jamaica
Mauritius
Mongolia
Myanmar
Nicaragua
North Korea
Pakistan
Panama
Syria
Uganda
Yemen
Zimbabwe

     

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[Lordhermes]

Bithumb will block existing user accounts from the listed regions and prohibit residents from creating new accounts.

So what would happen to those users funds from these restricted country, lock forever? Or would be given some time to send out their funds from the exchange as Binance did to the US citizens?
If actually these citizens can't access their funds then bithump gonna be in court soon.

[Daltonik]

So what would happen to those users funds from these restricted country, lock forever? Or would be given some time to send out their funds from the exchange as Binance did to the US citizens?
If actually these citizens can't access their funds then bithump gonna be in court soon.

I did not see an official response from Bithumb to the fate of the blocked accounts, but messages began to appear in their telegram channel, at least what I came across, of such content(although it can be anything): "Hi everyone - I think I'm blocked from my account. After receiving the error message “login error, please contact us”, I contacted the support service, but so far without success. It's been over 12 hours. Any advice?"  https://t.me/bithumbglobal_EN/383600

[hopenotlate]

It doesn't look good: lurking on the main telegram chat seems like there are a lot of people experiencing issue there or at least asking for help in chat.
Don't have an account there still and was wondering to create one : but if they lock out people off their funds without providing  a reasonable  timeframe for their users to move their money elsewhere guess I will pass on this one.
Just a quick question : do they ask for KYC/AML on registration or just over a certain threshold? 

[Potato Chips]

I did not see an official response from Bithumb to the fate of the blocked accounts, but messages began to appear in their telegram channel, at least what I came across, of such content(although it can be anything): "Hi everyone - I think I'm blocked from my account. After receiving the error message “login error, please contact us”, I contacted the support service, but so far without success. It's been over 12 hours. Any advice?"  https://t.me/bithumbglobal_EN/383600

I'm afraid that's unrelated as that's from bithumb global which is managed by a diff corporation (treat it like binance and binance.US) therefore what you see in their telegram are mostly outside of bithumb south korea.

@hopenotlate, I'd drop the interest as they have been hacked a lot of times and I don't see any worth in joining there if you're not entering the KRW markets which most likely would require you to verify.

[Daltonik]

I did not see an official response from Bithumb to the fate of the blocked accounts, but messages began to appear in their telegram channel, at least what I came across, of such content(although it can be anything): "Hi everyone - I think I'm blocked from my account. After receiving the error message “login error, please contact us”, I contacted the support service, but so far without success. It's been over 12 hours. Any advice?"  https://t.me/bithumbglobal_EN/383600

I'm afraid that's unrelated as that's from bithumb global which is managed by a diff corporation (treat it like binance and binance.US) therefore what you see in their telegram are mostly outside of bithumb south korea.

@hopenotlate, I'd drop the interest as they have been hacked a lot of times and I don't see any worth in joining there if you're not entering the KRW markets which most likely would require you to verify.

Yes you are right here is the bithumb telegram channel https://t.me/BithumbExchange that's right these are probably unrelated events.