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With UpBit, Bithumb, the largest cryptographic exchange in South Korea, according to daily trading volume, said that it ended its operations in North Korea, Iran, Iraq, Sri Lanka and seven other countries. The reason underlying the decision is that according to the NCCT institutions of these countries,
In a statement from Bithumb, from May 28 onwards, to prevent illegal activities such as money laundering, terror financing and tax evasion, which may involve the crypto money, With this decision, one of South Korea's two largest crypto-money exchanges is now in its 11th country From June 21, will block the accounts of the citizens of this country The NCCT institution operating under the South Korean Government; It provides some kind of advice to South Korean entrepreneurs to keep them away from high-risk areas. In the anti-money laundering program conducted by the Agency, the 11 countries that bet on and among them North Korea were politically unstable and inadequate in the money laundering laws
Bithumb, who has made such a decision after the policy that this institution has conducted, would also reduce the likelihood of trouble with local financial authorities and supervisory agencies. After this decision, the Bithumb developer team will now be asking foreign users who register with the stock market to activate the two-sided security system, and at the same time will be asked to activate the two-way security system at the same time. with moves; The Bithumb spokesperson has made the following assessment of the process in his statement: "As the Bithumb team, we work together voluntarily with local financial authorities and statutory auditors. Our main goal at this point is; to contribute to the elimination of illegal processes such as money laundering, tax evasion or terrorist financing as a stock exchange and to protect our investors in this respect. As an institution that believes in transparency in the currency market; At the beginning of this month, Japan's oldest and most powerful media organ Mainichi Shimbun is a news by publishing; It is illegal to deny hundreds of millions of dollars worth of money by an organized criminal organization named Yakuza; Z Cash claims to be in the format of Monero and Dash . Yakuza is known to be one of the strongest organizing criminal organizations in Japan, and this malicious organization has spread around the world 102,560 it is assumed that the number is a member. This news in Mainichi Shimbun, which has been mobilized by the Japanese government, has also been used by the government since its inception in the 17th century, and it has been claimed that the crime syndicate has security forces as well as members of the government. particularly on secrecy-oriented crypto money The discussions on Monero, Z Cash and Dash were rekindled. Many crypto money exchanges are being sought by the government; The Japanese government official who spoke to Mainichi Shimbun said: " " As a government it is necessary to discuss in real terms whether or not crypto money exchanges that license and operate from us will use such coins. This was a scheme of money laundering that we all know very well (for Yakuza). It's also a surprise, maybe not. The Japanese Financial Services Authority (FSA) has also warned G20 countries in the past on the use of such confidentiality-oriented crypto money. FSA officials, particularly stating that money laundering criminal organizations could use such crypto money very seriously, called on other countries to work together on this issue. The government official, who continues to comment on the issue, said in this regard: "It is impossible for Japan to solve this problem alone. Even if we try to do something locally, it is not possible for us to cover enough distances in this regard. That is why other G20 countries have to join us in this matter. In the countries like Iran and Iraq, the Bithumb team, who has had this kind of forbidden life, will be able to do a lot of things in this country, and if they come to these countries and work together with us in this regard, then we will have taken a meaningful path in the money laundering process. cryptography obviously works by putting it in the teeth to bring transparency to the money sector. The long-term vision of the company evolves in this direction; Bithumb and other local cryptographic money exchanges can put significant decisions about the use of such confidentiality-focused crypto-money in the near future. The post BitHumb ended its activities in 11 countries, including Iran and Iraq appeared first on Koin Bulletin. Steemit: @engindagli Reason Cause Government Press
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So much hate towards the crypto space, I think it would be easier to just smuggle the cash. Buying BTC requires making deposits how would they buy BTC in north korea with pure cash, in volumes big enough to fund terrorism wtf ?
Thanks for the news!