News
The net is closing in on Bithumb executives as the suspected real owner of the exchange is arrested.
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BitHumb News
BitHumb is one of the most popular cryptocurrency trading platforms in South Korea. The BitHumb exchange was founded by BTC Korea.com LTD company in 2013 and now is headquartered in Seoul. BitHumb is one of the leaders among the cryptocurrency trading companies in South Korea and Japan in terms of trading volume. Almost all options of BitHumb are oriented on Asian countries. Almost all popular cryptocoins are available, but the only available fiat currency there is the Korean Republic’s won. BitHumb fees for transactions are about $0.15 and don’t depend on the transaction’s amount. The platform has a difficult process of verification and other security properties. Nevertheless, the exchange was hacked in 2017 and it affected three percent of users. However, it was not a problem of security, as the access was made from a BitHumb employee’s PC.
- Market Analysis
Bad news continues to dominate crypto media headlines, but Bitcoin and the broader market appear not to care.
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A ruling from local courts has Bithumb liable to pay just over $200,000 in damages to the 132 investors which filed against the cryptocurrency exchange.
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The former chair was under allegations of $70 million in fraud charges which were said to have occurred during the acquisition of Bithumb.
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The sentencing hearing is set for Dec. 20 and could see the former chairman of South Korean crypto exchange Bithumb behind bars for a maximum of eight years if found guilty.
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The decision on the civil lawsuit might affect a trial court in South Korea.
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Korean exchanges will soon be required to list tokens based on the same guidelines to ensure compliance with local regulations, and make emergency decisions together to prevent another Terra fiasco.
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Bithumb users in South Korea have just two days to perform another round of KYC to whitelist their personal wallets, or crypto withdrawals will be blocked.
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Rumors abound that LG subsidiary, LG CNS, is the technical partner helping Bithumb develop its NFT marketplace, which is set to be launched at some point in 2022.
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Bithumb’s stricter KYC requirements come in line with South Korea’s tightened Anti-Money Laundering regulations regarding foreign users of crypto exchanges.
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The increased trading volume comes following the Financial Services Commission's requirement that crypto trading platforms register as digital asset service providers before Sept. 24.
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A Thai firm claims that Bithumb’s Hong Kong subsidiaries caused it serious damage by unilaterally halting its business in Thailand.
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After introducing staff-related trading restrictions a while ago, Bithumb will soon completely ban its employees from using its platform to trade crypto.
3850 - Altcoin Watch
Klaytn bulls ignored a deadly moving average crossover after assessing KLAY's upcoming listing on Binance.
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Both Coinone and Bithumb have reopened their customer centers in the capital city in response to a surge in domestic interest in cryptocurrencies.
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