It is reported, that South Korean cryptocurrency exchange Bithumb is planning to open a new platform in the UAE. According to the report, to develop UAE-based platform Bithumb will collaborate with Abu Dhabi-based firm Nvelop. The platform will be aimed for Bithumb to expand into the other Middle East countries. As reported, the Nvelop is the joint project of Abu Dhabi-based E11 Investment Fund and Taiwanese venture capital outfit Trill Ventures Group and it was made for funding and developing blockchain initiatives in the Middle East and North Africa.
According to a press release, South Korea’s virtual currency exchange Bithumb has launched an OTC trading desk under the Ortus brand. The Ortus brand specializes in services for institutional investors and belongs to Bithumb Global Limited. It is reported, that institutional investors could use Ortus services, including monitored funds transfers and access to an OTC trading desk, right after completing KYC and AML inspections.
It is reported, that Major South Korean cryptocurrency exchange Bithumb has signed an agreement with American crowdfunding platform SeriesOne and plans to open a securities token exchange in the U.S. According to Yonhap sources, SeriesOne will set the exchange in the U.S. already in 2019, and Bithumb will provide investment and the necessary technical support for operating the exchange.
The South Korean cryptocurrency exchange is to sign an agreement with Nonghyup Bank, after which the process of new user registrations may be reopened. The partnership with the bank will allow crypto traders to open personal virtual bank accounts to trade on Bithumb. The exchange closed all new registrations on July 31st, stating that it needs to improve its services, but many suspected that the real reason was disagreements with Nonghyup Bank about the terms of the contract, which arose after the recent hacking of the website.
Following a hack in June, the South Korean exchange, however, will not resume deposits and withdrawals for 25 other coins, over suspicious fluctuation in their price movement on its own platform, TRON and EOS functions to be allowed after deploying their mainnets. In addition, the trading platform changed all deposit addresses.
Second largest South Korean cryptocurrency exchange, with a 24-hour trading volume of about $358 million is now in the process of obtaining regulatory approval from the Thais and Japanese financial regulators. The exchange has already established a Thai subsidiary, Bithumb (Thailand) Company Limited, with registered capital of 3 million baht (around US$90,000). Bithumb also plans to set up an exchange that supports the largest number of coins in Japan.
Largest South Korean exchange has suspended all deposits and withdrawals after losing $30 million worth of cryptocurrencies as the result of an apparent hack on Tuesday night. Given the relatively small size of the theft, it’s likely that a hacker managed to gain access to an internet-connected “hot wallet” for one of the more thinly-traded assets listed on the platform. Bithumb confirmed that all losses of users that were affected will be covered by the company.
In order to comply with global regulations on tackling money laundering, the South Korean exchange blocked all transactions of traders, residing in countries and territories that are included in the ‘non-cooperating list’, such as North Korea, Syria, Sri Lanka, Yemen, Iran, Iraq, and others. The accounts of suspended traders will be switched off by 21st of June. In addition, the exchange is also developing a mandatory verification procedure for international users, to avoid falsification of user information.
The Bithumb Coin will be issued following the Initial Coin Offering (ICO), which is scheduled to start in May this year in Singapore, as ICOs are banned in South Korea from September 2017. The ICO will be focusing on large-scale investors rather than individual investors. Bithumb is not the first exchange to have its own token, Chinese Huobi also announced their plans to issue Huobi Token (HT) that would be capped at 500 mln token. The only difference is that HT will not be an ICO, only active users of the trading platform would be able to receive the token.
Bithumb charges 0.15% of every order for the transaction fee. The trading volume of the exchange has rocketed in 2017, as a result of increased demand for cryptocurrencies, and Bithumb reported $420 net income or profit. In addition, the company spokesman said that they made a profit of $90 million outside of its main business model and its cryptocurrency trading platform as non-operating income. Year 2018 however, does not seem so prominent, as the year started with a big loss due to the fact that bitcoin fails to recover beyond the $19,000 mark.