S Korean cryptocurrency exchange Bithumb is toughening its approach to Anti-Money Laundering enforcement with a series of new measures that include trading restrictions, stronger Know Your Customer checks, and specialized blockchain intelligence solutions.

The popular exchange, which has an estimated boilerplate of 1 one thousand thousand daily users and a daily transaction book worth 5–seven billion ($4.iv–half dozen.2 1000000), had a troubled 2020 aggress by police investigations over allegations of fraud.

After a serial of reported negotiations with various firms for a potential acquisition, major gaming conglomerate Nexon denied it was planning to acquire Bithumb before this twelvemonth. The Korean Herald today cites fresh rumors that JPMorgan and CME Group may now be considering a purchase of bulk shares in the exchange.

A local commentator cited by the Herald suggests that Bithumb's chairman, Lee Jeong-hoon, may be biding time until the exchange's corporate value "reaches 1 trillion won at to the lowest degree" — a effigy similar to the reported value of another top Korean platform, Upbit.

Bithumb's new, toughened Anti-Money Laundering regime includes placing restrictions on accounts registered in countries that are on the Financial Action Task Force's "increased monitoring" list for failing to implement measures to combat fiscal crime, besides every bit those labeled "loftier-run a risk jurisdictions."

Countries on the onetime list include Myanmar, Barbados, Republic of iceland and 15 others, with the latter list express to ii: Iran and the Democratic People's Republic of Korea. All existing accounts in these regions will be frozen and new accounts banned.

In add-on, Bithumb is partnering with Octa Solution to implement its Anti-Coin Laundering tools for crypto assets, every bit well every bit using solutions adult by Chainalysis and Dow Jones Take a chance & Compliance.

In other domestic cryptocurrency news, South Korea's Ministry building of Economy and Finance has recently announced its plans to implement a xx% tax on Bitcoin (BTC) and cryptocurrency profits starting Jan. 1, 2022. Equally of March, an expected revision to the country'south Specific Financial Transactions Act will too see crypto exchanges fall nether new regulatory obligations, including AML requirements.