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| June 18, 2018

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US Markets Close Slightly Lower on Trade Concerns

June 15, 2018 |

After some sharp early losses, stocks are closing only slightly lower after the US announced tariffs on Chinese exports and China responded in kind, reports the AP . Energy companies dropped with oil prices Friday, and industrial and technology companies also fell after the White House announced a 25% tariff on…


Argentina’s lower house of Congress approves abortion bill

June 15, 2018 |

The Argentine Chamber of Deputies voted Thursday morning to legalize elective abortion in the first 14 weeks of pregnancy. – RSS Channel – Regions – Americas

Bithumb to Lower Withdrawal Limit for Crypto Traders Not Using Real-Name System

May 29, 2018 |

Bithumb to Lower Withdrawal Limit for Crypto Traders Not Using Real-Name System

One of South Korea’s largest cryptocurrency exchanges, Bithumb, has reportedly announced that it will gradually lower the withdrawal limit for any accounts that have not been converted to real-name ones, citing risks of financial crimes.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Lowering Withdrawal Limit

Bithumb reportedly said on Monday that it has “decided to gradually reduce the withdrawal limit for customer accounts that have not converted to real-name confirmation accounts,” starting on June 4, according to MTN. This announcement closely follows the exchange confirming that it will block trading in 11 countries including North Korea, Iran, and Iraq, as well as strengthening the account verification process for foreign users.

Bithumb to Lower Withdrawal Limit for Crypto Traders Not Using Real-Name SystemThe South Korean regulators established the real-name system for crypto accounts at the end of January in order to end the anonymous trading of cryptocurrencies. However, the conversion rate has been low. In early May, only about 30% had switched to real-name accounts. Today it is still possible to transact cryptocurrencies in Korea using unregistered accounts.

“According to Bithumb, about 60% of customers do not switch to a real-name verification accounts,” the news outlet detailed, adding that the exchange currently has a daily withdrawal limit of 50 million won (~US$ 46,465) and a monthly limit of 300 million won (~$ 278,753).

Initially, “If the account is not confirmed by this measure [real-name], the daily withdrawal limit will be reduced to 45 million won [~$ 41,795] from next month,” the publication elaborated. While the exchange has not revealed how low the withdrawal limit will eventually be, a Bithumb official was quoted explaining:

We have decided to gradually reduce the withdrawal amounts in the Korean won because it is raising concerns that bank accounts for unconverted withdrawals may become a target of various financial crimes.

Complying With 5-5-7 Regulation

Bithumb to Lower Withdrawal Limit for Crypto Traders Not Using Real-Name SystemIn addition, Bithumb also announced on Monday that it has “built a first-class financial information security personnel and budget system.” The exchange says it is the first cryptocurrency exchange to have “followed all [of the] 5-5-7 [Regulation’s] provisions within the electronic banking supervisory regulations,” chapter 32, section 8, paragraph 2.

The 5-5-7 Regulation recommends that 5% of a financial organization’s total workforce be IT specialists, 5% of which be dedicated to information security, and 7% of the company’s overall budget be used for privacy. Bithumb elaborated:

In May 2018, the current Bithumb’s total employees compared to IT staff ratio is about 21%, and the proportion of IT staff who are responsible for information security is 10%. In addition, about 8% of the annual expenditure budget of Bithumb is used for data protection related activities.

What do you think of Bithumb lowering withdrawal limits for customers not converting to real-name accounts? Let us know in the comments section below.

Images courtesy of Shutterstock and Bithumb.

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The post Bithumb to Lower Withdrawal Limit for Crypto Traders Not Using Real-Name System appeared first on Bitcoin News.

Bitcoin News

Energy Companies Skid, Sending Indexes Lower

May 24, 2018 |

US stocks are finishing mostly lower as energy companies skidded along with oil prices, the AP reports. The market dropped Thursday after President Donald Trump said he canceled a meeting with North Korean leader Kim Jong Un, but recovered most of those losses. Crude oil prices and energy companies fell…

Stocks open lower; bond yields rise

May 15, 2018 |

Stocks opened lower across the board Tuesday on Wall Street, led by declines in technology and consumer-focused companies.

The declines put the Dow Jones industrial average on track to end an eight-day winning streak.

Bond prices fell, sending yields up, after the government reported a solid increase…

L.A. Times – Business

Stocks Close Lower After Late Slump

May 3, 2018 |

Stocks are closing mostly lower following a late slump Wednesday, as Apple jumped but health care and food and drink makers fell, the AP reports. Apple advanced 4.4% after it announced a $ 100 billion stock buyback and met Wall Street’s estimates in its fiscal second quarter. In health care,…

Stocks Close Lower After Early Gain Fades

April 23, 2018 |

Stocks are closing mostly lower on Wall Street after an early gain faded away, the AP reports. Technology companies fell Monday, offsetting gains in other sectors including energy and phone companies. Bond prices continue to fall, sending the yield on the 10-year Treasury note closer to 3%, a milestone it…

Tech Companies, Consumer Products Lead US Indexes Lower

April 19, 2018 |

The stock market had its first loss of the week as technology companies and consumer products makers led US indexes lower, the AP reports. Apple lost 2.8% Thursday and tobacco maker Philip Morris International plunged 15.6% after reporting weak results, noting that sales of its iQos device in…

Xi Pledges a More Open China, Increased Imports and Lower Auto Tariffs

April 11, 2018 |

President Xi Jinping offered to further open up China’s markets to foreign business, though fell short of proposing the thoroughgoing changes the Trump administration says it is seeking to avert a trade fight. What’s News Asia

US Indexes End Choppy Day Slightly Lower

March 28, 2018 |

Stock indexes ended a choppy day of trading slightly lower as the market struggled to find direction a day after another steep drop, the AP reports. Declines in technology stocks and retailers weighed on the market Wednesday, offsetting gains in health care and other sectors. Intel slumped 3.1%, and…