Trinidad and Tobago has found itself among a group of 11 countries, banned from trading in a particular cryptocurrency in South Korea.
The ban is said to be related to terrorist-financing and money-laundering activity.
The list of banned countries includes North Korea, Iran, Iraq, Serbia, Ethiopia, Syria, Trinidad & Tobago, Bosnia and Herzegovina, Tunisia, Vanuatu and Yemen.
The ban comes from Bithumb, the largest cryptocurrency exchange in South Korea.
“With growing concerns over money laundering through cryptocurrency trading, Bithumb, South Korea’s biggest cryptocurrency exchange, will ban digital asset trading with investors in North Korea, Iran, Iraq, and eight other countries that are considered as high-risk jurisdictions by the Non-Cooperative Countries and Territories (NCCT) Initiative,” a release by Business Korea said.
No new users will be added from the banned countries, while the existing user accounts will be terminated after June 21st.
Besides blocking these countries from the exchange, Bithumb said it will also make user verification process tougher and more comprehensive. User verification is important to comply with KYC regulations.
Trinidad and Tobago has been named as the country with the highest number of ISIS associates per capita in the Western Hemisphere.
It is not cleared if anyone from this country has been trading via Bithumb.