Bithumb Tightens User Verification as Korea Puts More Pressure on Market
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Cryptocurrency exchange Bithumb is now requiring all foreigners to verify their identities via mobile phones as the exchange will ban non-verified accounts on the platform, The Korea Herald reports.

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The exchange is in a hurry to register with the financial authorities by September 24 — the deadline under which all crypto-related trading platform in South Korea are obliged to be registered.

"Foreigners residing in Korea who cannot process identification with mobile phones cannot use the service," the exchange said in an announcement.

Korea to Tighten Crackdown on Tax Evasion by Crypto Investors

The South Korean cryptocurrency market is being сaught in a mire as regulatory requirements intensify. For example, iHodl earlier reported that Binance suspended all trading pairs and services tied with the South Korean won (KRW). The exchange also disabled Korean language website support.

Meanwhile, at least 11 cryptocurrency exchanges closed their doors in South Korea as a result of an audit by the Financial Services Commission (FSC). According to local reports, the platforms came under scrutiny over fraudulent schemes.

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