Bithumb Lowers Withdrawal Limits For Accounts Not Using Real Names

Bithumb withdraw

KANALCOIN NEWS –  One of the 5th largest cryptocurrency exchange companies in the world, namely Bithumb, has conveyed its decision, that they will gradually lower the withdrawal limit for each account that has not been completely converted to a real name, based on a report cited in the risk of financial crimes.

More precisely on Monday, May 28 2018, Bithumb reported “We will decide gradually to be able to reduce withdrawal limits for customer accounts that have not converted their accounts to real-name,” the reduction will be made starting June 4 2018, based on reports from MTN.

This announcement follows the previous announcement regarding the blocking of accounts in 11 countries including North Korea, Iraq, Iran and several other countries to strengthen the account verification process on foreign users, the aim is to prevent global crimes such as organized terrorism and utilizing digital currency as a springboard for committing crimes.

Meanwhile, according to Buthumb, about 60% of its customers have not yet switched to real-name verified accounts, and the current daily withdrawal limit is limited to 50 million won or the equivalent of USD 46,465 and the monthly limit is 300 million won or the equivalent of USD 278,753.

Bithumb also reiterated that if a user’s account is not confirmed by a real-name, then the daily withdrawal limit will be reduced to 45 million won or the equivalent of USD 41,795, and will be implemented next month. While Bithumb has not explained how low the final withdrawal limit will be.

One of the speakers from Bithumb said “We have decided to gradually reduce the amount of crypto withdrawals in Korean won. This is done to raise concerns that accounts for withdrawals that have not been converted can become targets for various illegal crimes.”

Some crimes that are strictly avoided, such as global terrorism, money laundering, buying and selling of illegal drugs and human trafficking are carried out by irresponsible persons. So that the implementation of this policy is clearly directly related to the banned policy of 11 countries which are prohibited from making transactions and creating Bithumb accounts.

Bithumb has collaborated with parties related to the sustainability of its policies. This means that the company will not run alone but will be assisted by the authorities in dealing with the problem of illegal crime through this cryptocurrency exchange.

In addition, on the same day of giving the press release, Bithumb also announced that they had built a first-class financial information security personnel and budget system. Bithumb Exchange says it is the first crypto exchange to comply with the official regulations of banking supervision namely regulation 5-5-7, or as stated in regulation Chapter 32, section 8, paragraph 2.

The regulation recommends that at least 5% of a financial organization’s total workforce be IT specialists, 5% of which is dedicated to information security, and 7% of the company’s total budget is used for privacy.

Meanwhile, in May 2018, the number of employees in the Bithumb Exchange company, when compared to the ratio of IT staff, reached approximately 21%, and the proportion of IT staff responsible for information security reached 10%. In addition, about 8% of Bithumb’s annual budget is used for activities related to data protection.


Redaksi Media
Author: Redaksi Media

Cryptocurrency Media

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