Bithumb, one of South Korea's largest cryptocurrency exchanges, has announced that it “has decided to reduce the withdrawal limit for customer accounts that have not converted to real name confirmation accounts”, according to the local media outlet MTN.com.
The first stage is scheduled for June 4th when it will be possible to withdraw not more than $ 41.8 thousand per day with unconfirmed accounts, which is 10% less than is available now.
There will be several such stages but the withdrawal limit has not yet been announced. However, Bithumb declared that it has decided to gradually reduce the withdrawal limit to fight financial crime.
“We have decided to gradually reduce the amount of withdrawals in Korean won because it is raising concerns that bank accounts for non-convertible withdrawals may become a target of various financial crimes,” - a Bithumb representative told.
South Korean regulators developed an identity system to make anonymous virtual currency trading impossible in January. However, according to Bithumb, about 60% of customers do not switch to "real" accounts, so the trading platform is forced to introduce additional restrictions.
Earlier, Bithumb has issued a statement that it will block trading in 11 countries including: North Korea, Syria, Iraq, Bosnia and Herzegovina, Trinidad and Tobago, Ethiopia, Sri Lanka, Vanuatu, Yemen, Iran, and Tunisia. The company noted that they intend to comply with anti-money-laundering norms and will block digital asset trading with investors in countries that are considered as high-risk jurisdictions by the Non-Cooperative Countries and Territories (NCCT) Initiative.
By Ekaterina Ulyanova