Bitcoin, Cryptocurrency And Blockchain News

Bithumb Closes its Door to 11 Countries in New Announcement


Cryptocurrency exchange Bithumb has announced that in order to provide a transparent and secure platform, it will ban user accounts from 11 countries. These countries belong to Non-Cooperative Countries and Territories (NCCT) – existing NCCT Bithumb user accounts will be closed by June 21st.

Anti-Money Laundering Effort

A Bithumb spokesperson said, “We will strictly enforce our own rules and protect our investors, and we will actively cooperate with the authorities.”

The exchange wants to ensure that it is “strengthening its own rules regarding anti-money laundering” and will take part in other AML initiatives. According to Coinmarketcap, it is the sixth largest cryptocurrency exchange and ranks fifth in the market in terms of fees.

Adding New Cryptocurrencies

Earlier this month, the exchange added TenX (PAY), WAX (WAX), Power of Ledger (POWR), Loopring (LRC),  Golem (GNT) and HShare (HSR) and Gifto (GTO).

It was also announced that Bithumb was planning to create its own token called Bithumb Coin, with an ICO to be conducted in Singapore. The exchange is going to open an office in London and is recruiting members through various job posts.

XLM On Bithumb?

Many Reddit users have requested the famous exchange to list Stellar Lumens (XLM) as well. Even though the coin is ranked seventh in the top 10 cryptocurrencies, with a market cap of $4 billion, there are no signs of it emerging on the South Korean exchange.

Bithumb has helped crypto users by launching kiosks in cafes and restaurants, allowing people to use Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Dash, Monero, Ethereum Clasic, Qtum, Bitcoin Gold and Zcash. A spokesperson said,“The entry into the kiosk business is meaningful to provide substantial benefits and low-cost rents to small business owners. We will continue to work in various industries based on the blockchain technology … to provide total solutions for small businesses through our partnership.”