It looks like you shared a news article about regulatory changes affecting the South Korean cryptocurrency exchange Bithumb. Since you didn’t include a specific prompt, I have provided a structured summary and the key takeaways from the text.
Executive Summary
South Korean cryptocurrency exchange Bithumb is restricting platform access for foreign nationals who cannot verify their identities using a Korean mobile phone. This policy change is part of the exchange’s effort to comply with South Korea’s stricter new anti-money laundering (AML) and real-name account regulations, which took full effect in late September 2021.
Key Takeaways
- The New Restriction: Foreigners—whether living abroad or residing in South Korea—must verify their identity via a Korean mobile phone to use Bithumb. Those who cannot do so must withdraw their assets and will lose access to the platform.
- Prior Restrictions: Bithumb had already stopped onboarding foreigners without alien registration cards and previously terminated trademark agreements with overseas platforms using its brand name.
- Regulatory Driver: The move is mandated by South Korea’s revised Special Funds Act. The law requires domestic crypto exchanges to register with the Financial Intelligence Unit (FIU) and partner with local banks to enforce a real-name account system.
- Industry Context: Upbit, the country’s largest exchange, was the first to register with the FIU. Meanwhile, Bithumb, Coinone, and Korbit are collaborating on a “travel rule” solution to meet additional regulatory requirements.
Important Timeline (Based on the Article)
- March 25, 2021: The revised Special Funds Act took effect, beginning a six-month grace period.
- September 24, 2021: The deadline for crypto exchanges to comply with the new, stricter rules.
- End of 2021: The timeframe in which customer confirmation becomes mandatory and services for non-compliant users will be officially terminated.
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