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Paxtradings Crypto Minute: May 28, 2018

PAX Trading > Crypto Minute > Paxtradings Crypto Minute: May 28, 2018

Bithumb Bans Citizens of “High-Risk” Countries From Using Its Platform

Bithumb, South Korea’s second largest cryptocurrency exchange, has announced it is prohibiting citizens of North Korea, Iran, Iraq, Sri Lanka, and seven other countries that are considered “high-risk jurisdictions” from using its platform. According to NewsBTC, the new ban came as a result of pressure from the Financial Action Task Force (FATF), which publishes the list of the Non-Cooperative Countries and Territories (NCCT). The Bithumb team claims that the ban on the high-risk countries is an effort to prevent “its infrastructure and platform from being used to launder money and finance criminal activities.” The ban will take effect on June 21, 2018.

Bangkok Bank Joins R3’s Marco Polo Trade Finance Initiative

Bangkok Bank has joined the Marco Polo trade finance initiative developed by R3 and TradeIX. According to CoinDesk, the Marco Polo platform is designed to make trade finance simpler and less risky by using blockchain technology instead of manual, paper-based processes. Bangkok Bank is aiming to use the platform to “address the complexities and inefficiencies of trade finance.”

China’s State Council Orders Acceleration of Blockchain Development

China’s State Council, the country’s central administrative branch of government, has ordered local authorities to accelerate blockchain development. According to CoinDesk, the order is a part of the government’s strategy to reform the Guangdong Pilot Free-Trade Zone. The State Council specifically requests acceleration of the development of blockchain-based fintech solutions that comply with existing regulatory frameworks.

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