Bithumb, the South Korean crypto exchange, has plans to mandate ID verification from non-Koreans as a way to tighten its KYC policy as it deals with issues with regulations.
As a result, Bithumb will ban access on its platform for any foreigners who don’t verify their identity using a mobile phone. This change is planned to take place within the year although a clear date hasn’t been confirmed as of now.
South Korea’s Financial Services Commission asks all crypto exchanges to register with the Financial Intelligence Unit by September 24th. In order to get approval, exchanges have to meet the required standards put in place regarding KYC and AML systems and policies.
If an exchange doesn’t comply, authorities will simply block its website.