Bithump Crypto-Currency Exchange in Korea to Ban Trading in 11 Countries

With the Korean government auditing Korean Alt Currency exchanges and the Korean government looking at the regulation of crypto-currency, a major exchange, in Korea, has banned the trading on the exchange from Iran, Syria, Iraq, Ethiopia, Serbia, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu, and Yemen. These aforementioned nations are on the Financial Action Task Force’s Non-Cooperative Countries or Territories black list.  This Task Force, an intergovernmental agency, has deemed these countries to not have sufficient legal procedures in place to assist in preventing the laundering of money. The Korean government has raided Korean exchanges and investigated these raided exchanges for violation of Korean law.  On of the major worries was the use of Alt Currencies, including, Bitcoin for nefarious reasons including money laundering and the purchase of drugs. No criminal charges were levied against any individual from Bithump, however, charges of embezzlement and fraud were levied against executives from Coinnest

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