Bithumb Launches Video ID Verification to Protect Elderly Users

Bithumb, a leading South Korean cryptocurrency exchange, has officially announced the implementation of a video call identity verification mechanism specifically designed for its elderly user base. This strategic initiative, reported by local media outlet Daum, aims to bolster security measures and mitigate the rising risks of financial crimes within the digital asset sector. By integrating real-time visual confirmation, the platform seeks to establish a more robust defense against increasingly sophisticated fraudulent activities targeting vulnerable demographics.

Combating Crypto Fraud and Account Impersonation

The primary objective of this new protocol is to prevent various forms of illicit activity, including account rental, impersonation, and cryptocurrency investment fraud. As the digital asset market evolves, older investors are frequently targeted by malicious actors seeking to exploit their lack of technical expertise. Bithumb's video verification serves as a critical layer of Know Your Customer (KYC) compliance, ensuring that the person operating the account is the actual owner.

• Prevention of unauthorized account access by third parties.
• Reduction in cases of "smurfing" or laundering via rented credentials.
• Enhanced protection against social engineering tactics.

Protocol Procedures and Asset Restrictions

Under the newly established regulations, Bithumb will initiate video calls to verify the identity of senior users. If the exchange determines during the call that the account is being operated by someone other than the registered owner, login access will be restricted immediately. To ensure fair opportunities for compliance, the system is designed to attempt contact multiple times.

• The system will attempt to reach the user up to four times if the initial call is unanswered.
• Failure to complete the verification process will lead to temporary restrictions on withdrawals and asset transfers.
• Normal account functionality is restored only after a successful identity confirmation is conducted via the video link.

"The introduction of video verification is a proactive step toward securing the financial assets of our senior clients and maintaining a transparent trading environment,"

This measure reflects the broader trend in the South Korean blockchain industry to align with strict regulatory standards and enhance investor protection. By utilizing real-time video technology, Bithumb addresses the limitations of traditional document-based verification, which can be more easily bypassed by fraudsters. The exchange continues to prioritize security and compliance as essential pillars of its operational strategy in the 2026 market landscape.