Since may 27 a number of traders have lost the opportunity to work with South Korean cryptocurrency exchange Bithumb. As reported by CCN, the decision was made by the leadership of the site for compliance with legislation on combating money laundering.

The black list included 11 countries with ineffective measures to counter money laundering and financing of terrorism that threaten the international financial system: North Korea, Iran, Iraq, Bosnia and Herzegovina, Ethiopia, Syria, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen.

Registration of new users from these jurisdictions is stopped. Transaction a registered user blocked and their accounts will be disabled on June 21.

In order to avoid the falsification of user information Bithumb will develop a mandatory mobile verification for foreign users.

The crypto currency exchange is going to listen to the recommendations of the government of South Korea and the Korean Association of the blockchain in terms of prevention of market manipulation and insider trading.

“We will strictly observe its own rules and protect its investors, and actively cooperate with the local authorities,” – said in Bithumb.

Earlier in may, the financial services Commission of South Korea said that it will participate in the test kryptomere and will join the investigation of money laundering conducted by the financial Supervisory Service.