Bithumb to require verification for foreign users

South Korean bitcoin exchange Bithumb will restrict access for foreigners who do not verify their identity via mobile phone. The Korea Herald reports.

According to the report, the decision was taken by the company to meet regulator requirements regarding KYC procedures and to submit registration documents by deadline — September 24.

“Foreign residents in Korea who fail to complete the mobile-phone identification process will not be able to use the services,” the paper quotes the exchange’s notice.

When the changes take effect, Bithumb did not specify. The exchange only recommended that users affected by the new measures withdraw their assets in advance and said that comprehensive verification would become mandatory “during 2021.”

Also, according to The Korea Herald, exchanges Bithumb, Coinone and Korbit formed a joint venture to develop solutions in line with the Travel Rule rules adopted by the FATF in 2019.

Earlier, Bithumb restricted access for users from high-risk jurisdictions under its anti-money-laundering policy.

Follow ForkLog’s news on Facebook.