Thu, 28 Mar 2024 Today's Paper

South Korea’s largest cryptocurrency exchange bans Sri Lankans

By

30 May 2018 10:03 am - 0     - {{hitsCtrl.values.hits}}

A A A

Bithumb, the largest crypto exchange in South Korea and the fifth largest in the world, has announced a ban on virtual asset trading transactions of Sri Lankan residents along with 10 other countries, which were identified as having lenient policies in combatting money laundering and terrorist financing by the Financial Action Task Force (FATF).


In a recent press release, Bithumb stated that the ban was to reflect the recommendations of its government and the Korea Blockchain Association’s money laundering policy to counter cryptocurrency-associated money laundering and other illicit financial activities. 


The remaining countries in the list are North Korea, Iran, Iraq Bosnia and Herzegovina, Ethiopia, Syria, Trinidad and Tobago, Tunisia, Vanuatu and Yemen. 
Bithumb announced that the accounts of existing users from these countries will be disabled from June 21, while Bithumb wouldn’t accept new users from the specified countries. 


During last G-20 financial meeting, the participating nations including South Korea decided to implement FATF on money laundering standards to virtual currencies as well.


Bithumb also announced that it will require the users, including mobile app users, to fully authenticate their identities and furnish proof of addresses.


The FATF has listed Sri Lanka along with eight other countries as ‘high risk and monitored jurisdictions’ that have taken insufficient measures to combat money laundering, terrorist financing and other threats to the international financial system.


The Central Bank of Sri Lanka (CBSL) Governor Indrajith Coomaraswamy recently stated that Sri Lanka plans to move out of the list by October this year.


FATF noted that Sri Lankan government has made a high-level political commitment to work with the FATF and APG to strengthen the effectiveness of its anti-money laundering/countering terrorist finance (AML/CFT) regime and address any related technical deficiencies.


Reviewing Sri Lanka’s progress in implementing the action plan, FATF recently acknowledged that the country has taken steps to improve the effectiveness of AML/CFT regime. 

 

However, FATF insisted that Sri Lanka has much to do by continuing its work on implementing its action plan to address deficiencies. FATF has given a time period until March 2019 for the implementation of the action plan. 

 

 


Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H