South Korean crypto exchange Bithumb has reportedly announced a ban on foreigners who have not completed Know Your Customer (KYC) telephone verification.

According to local coverage by Impulse, non-Koreans using Bithumb crypto exchange will be subject to mandatory mobile verification. While the rule is expected to go into effect this year, the exact date of the new KYC requirement has yet to be announced. Citing Bithumb’s opinion, The Korean Herald reported:

“Foreigners residing in Korea who cannot process identification with cell phones cannot use the service.”

Bithumb’s decision to impose stricter KYC requirements is in line with the country’s stricter anti-money laundering (AML) regulations. A July 8 report shows that central Seoul Customs tracked down 33 people who carried out illegal crypto transactions abroad worth 1.69 trillion Korean won ($ 1.48 billion).

Previously, Bithumb had placed restrictions on accounts that signed up from “high-risk jurisdictions” as well as accounts from countries on the Financial Action Task Force’s “heightened watch” list.

The Korean Herald also reported that Bithumb has asked affected users to withdraw their assets if they are unable to comply “by 2021, when customer due diligence becomes mandatory.”

Bithumb did not immediately respond to Cointelegraph’s request for comment.

Related: Korean crypto exchange Bithumb steps up anti-money laundering measures

Korean authorities have taken a series of measures to curb illegal crypto transactions since 2020, forcing banks to step up oversight of crypto transactions.

More recently, crypto exchanges, including Bithumb, have introduced new measures such as tighter KYC checks and trade restrictions to enforce anti-money laundering efforts.

The country has already banned accounts from Myanmar, Barbados, Iceland, Iran, North Korea and 15 other countries.