Bithumb Will Ban Users From Eleven Countries, Poloniex Freeze Issue

Łukasz Mirytiuk
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Mandatory verification on Poloniex made users angry because of the lack of information, meanwhile, Bithumb decided to work with NCCT- AML procedures and will ban users from eleven countries.


The fifth largest cryptocurrency exchange market – Bithumb will ban users from eleven countries. Bithumb released an official announcement in which confirmed that they would ban users as a part of a new anti-money laundering policy (AML).

According to the Bithumb press release from May 27, from May 28 those users who are the citizens of states which are included in ‘Non-Cooperative Countries and Territories’ (NCCT), will no longer be able to use their cryptocurrency exchange platform services.

From Monday (May 28), the citizen of those countries will not have the possibility of creating new accounts. Also, all currently working accounts will be banned until June 21.

Bithumb explains its’ decision in an announcement, saying:

“NCCT users will be prevented from using the exchange so that cryptocurrency is not used to fund international terrorism,”

The NCCT was set up during G7 in the 80’ by the Financial Action Task Force on Money Laundering (FAFT) and involves the countries which do not comply with AML standards which were established then.


After the new mandatory identity verification process, users of the exchange market platform Poloniex were complaining about freezes of their accounts.

The problem with Poloniex is a lack of shared information; most of the users complain about not receiving emails about changes, and do not know what is going on. However, the exchange issued an announcement in which they said:

“With these improvements, we are asking all legacy Poloniex customers who have not provided full identification information in the past to do so now through the Poloniex profile page. This page provides clear instructions on what information is required to verify your account.”

Exchange platform also informs that all funds are safe and will be ready to trade or withdraw after full verification.

Poloniex wants to fulfill government regulations, e.g., KYC/AML to operate worldwide without any government-based issues.


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