South Korean cryptocurrency exchange Bithumb has announced that it is banning trading in 11 countries, CCN reported.

The company cited money laundering concerns as the reason behind its decision. In an online post, Bithumb said:

“[Bithumb] will block all transactions of residents of non-cooperative countries and Territories [NCCT] and participate in global anti-money laundering efforts,” adding that it will “comply with and revise the “Regulations on the Prevention of Money Laundering Act.” (loosely translated)

Accordingly, the company has banned trading in North Korea, Bosnia and Herzegovina, Ethiopia, Syria, Iran, Iraq, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen. Users belonging to these countries will have their accounts disabled from June 21.

“We will strictly enforce our own rules and protect our investors while we actively cooperate with local authorities,” a spokesperson for Bithumb said.

As identified by Financial Action Task Force (FATF), NCCTs are those countries that have taken insufficient measures to prevent money laundering, terrorist financing, and other threats to the international financial system.

Bithumb, the fifth largest cryptocurrency exchange in the world, said that it has strengthened its AML policy, incorporating the recommendations of the government authorities and the Korea Blockchain Association (KBA). Recent reports also suggest that the company has plans to issue its own cryptocurrency “BITHUMB Coin.”

Last month, 14 South Korean crypto exchanges (including Bithumb), who are also the members of the KBA, announced that they have set up self-regulatory rules to address the issues relating to money laundering, insider trading, and other illicit activities.