Bithumb Denies Access to Foreigners Unable to Verify Their Identities via Mobile Phone

Bithumb, one of South Korea’s four largest cryptocurrency exchanges, has announced that it will deny access to foreigners unable to verify their identities via mobile phone. The decision comes as the country’s updated regulations, the Special Funds Act, take effect later this month.

Bithumb Prepares to Register Under New Rules

Bithumb will prepare to register under the new rules by September 24. The country’s revised Special Funds Act requires domestic crypto exchanges to register with the Financial Intelligence Unit (FIU) and cooperate with local banks on the implementation of the real-name accounts system.

Foreign Nationals Will Not Be Allowed to Use Services

Foreign nationals who do not pass mobile phone identity verification will not be able to use Bithumb’s services. The platform states that they should perform the procedure through “Korean mobile phones” and regardless of where they live.

Withdrawal of Assets

Bithumb has warned affected users that they should withdraw their assets within 2021. The trading platform promised to notify users again when customer verification is mandatory and policy changes are made.

Bithumb’s Approach to Compliance

Bithumb has taken final steps before applying for