The largest in South Korea, the Bithumb exchange in March, reported earnings of $ 501 million over the past year. This figure is almost 250 times greater than the result of 2016. To maintain the growth rate, the company tries to cooperate with local regulators – and this partnership affects traders. Now Bithumb announced a reduction in the limit of payments to users who did not pass the verification procedure.
About 60% of customers of the South Korean crypto exchange Bithumb did not pass the KYC procedure. Because of this, the site management decided to gradually reduce their withdrawal limits.
The current withdrawal limit is 50 million won ($46.5 thousand) per day and 300 million won ($279,000) per month. Now the daily limit was reduced to 42 thousand dollars.
“For every unverified user, the daily withdrawal limit will be reduced to 45 million won next month,” Bithumb said, without specifying to what level they are planning to lower their limits.
The new rules will be effective from June 1, note in Bithumb.
The fear of the site management is caused by the fact that bank accounts for the withdrawal of funds in the Korean won can be the target for various financial crimes.
South Korean regulators have set up a new system for verification of accounts at crypto-exchange exchanges in late January to prevent anonymous trading of digital assets, but many traders continue to use unconfirmed accounts.
Earlier, the Bithumb Exchange announced its intention to turn off the accounts of residents of 11 countries with ineffective measures to counter money laundering and terrorist financing.