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Bithumb to Mandate ID Verification From Non-Koreans Within the Year: Report
The crypto exchange will prohibit access to its platform for non-Korean nationals who fail to verify their identity by mobile phone.
Por Jamie Crawley
South Korean crypto exchange Bithumb is set to mandate ID verification from foreign users in a bid to tighten its know-your-customer (KYC) policy in the face of regulatory scrutiny.
- Bithumb will prohibit access to its platform for non-Korean nationals who fail to verify their identity with a mobile phone, Pulse News reported Thursday.
- The policy is expected to take effect within the year with an exact date to be announced later.
- South Korea’s Financial Services Commission requires all crypto exchanges to register with its Financial Intelligence Unit by Sept. 24. Approval is contingent on meeting required standards relating to KYC and anti-money laundering (AML) systems and policies.
- Exchanges that fall short risk having their websites blocked by the authorities.
Read more: Upbit Is First Korean Exchange to Register With Authorities Before September Deadline
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- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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U.S. FDIC proposes first U.S. stablecoin rule to emerge from GENIUS Act
The banking regulator began its formal rulemaking process to set up the procedures by which depository institutions can start stablecoin subsidiaries.
Lo que debes saber:
- The Federal Deposit Insurance Corp., which regulates thousands of banks in the U.S., has issued its first proposal of a rule governing the application process for issuing stablecoins.
- The propsoal would effect depository institutions that want to set up subsidiaries for issuing the dollar-backed tokens.
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