South Korea’s cryptocurrency exchange, Bithumb announced that it will eventually lower the withdrawal limit for those accounts that have not been converted into real names. However, this approach aims to prevent the risk of financial crimes.
On Monday, 28th, 2018, Bithumb announced that starting on June 4th, it has decided to “gradually reduce the withdrawal limit for customer accounts that have not converted to real-name confirmation accounts”. Therefore, the announcement closely follows the action of Bithumb imposing ban on crypto trading in 11 countries. Additionally, it also ensures to the strict account verification process for international user.
In order to end anonymous cryptocurrencies trading, in month of January, South Korean regulators had entitled real-name system for crypto accounts. Meanwhile, the conversion rate has been low and around only 30 percent of accounts had converted into real-name accounts. Currently, the unregistered accounts are still allowed for crypto transaction in South Korea.
The publication explained,
“According to Bithumb, about 60% of customers do not switch to a real-name verification accounts. The exchange currently has a daily withdrawal limit of 50 million won (~US$46,465). However and a monthly limit of 300 million won (~$278,753). If the account is not confirmed by this measure [real-name], the daily withdrawal limit will be reduced to 45 million won [~$41,795] from next month”.
Further, the Bithumb is the first crypto exchange to follow all 5-5-7 regulations rules within the electronic banking supervisory regulations. On Monday, the exchange has announced its, “built a first-class financial information security personnel and budget system”.
The Bithumb detailed:
“In May 2018, the current Bithumb’s total employees compared to IT staff ratio is about 21%, and the proportion of IT staff who are responsible for information security is 10%. In addition, about 8% of the annual expenditure budget of Bithumb is used for data protection related activities”.
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