Bithumb Announces New Goals, Products on 7th Anniversary
- South Korean exchange Bithumb announced on its 7th anniversary it will actively address new regulations and markets.
- The exchange is set to open up a BTC market and seek the VASP license from FATF in 2021.
Image from Shutterstock
One of South Korea’s largest cryptocurrency exchanges, Bithumb, marked its 7th anniversary with various events throughout January, and is now setting its eyes on several new products and major regulatory goals for 2021.
According to the company’s press release, Bithumb will use its anniversary to mark the beginning of a new era of its digital financial platform. In 2021, the company will actively address new regulations and markets, setting a goal to obtain the Virtual Asset Service Provider (VASP) license from the Financial Action Task Force (FATF).
To achieve this, the exchange is set to intensify compliance monitoring and work on advancing its anti-money laundering (AML) systems.
The first order of business will be to open a Bitcoin market, after which Bithumb will introduce other portfolio products to help users diversify their trading options. In addition to new markets, Bithumb will also develop a trading platform that will be faster and more convenient than the existing application.
“We are committed to expanding the base of virtual asset market and promoting benefits of customers by placing the highest priority on customers,” said Heo Back Young, the CEO of Bithumb.
Seven years since its inception, Bithumb grew into the largest cryptocurrency trading platform in South Korea—reports have shown that 5.77 million customers visited Bithumb in August 2020 alone. The company has also established a dedicated anti-money laundering center, developed an automatic tax filing system, and obtained the Information Security Management System (ISMS) certification.
- The former chairman of crypto exchange Bithumb, Kang Jong-Hyun, was arrested in South Korea on charges of embezzlement, breach of trust, and market manipulation.
- Seoul’s Southern District Court had issued an arrest warrant for Jong-Hyun and two other executives last week, one of which is the CEO of two Bithumb affiliates.
Shutterstock
- Bithumb’s parent company, Vidente, had recently entered into acquisition talks, and is still considering between an outright sale and joint ownership.
- According to its latest regulatory filing, Vidente has ownership over 34.2% of Bithumb Holdings, and 10.22% of Bithumb Korea.
- According to local media, the gaming company will acquire a 65% stake in Bithumb at an evaluated price of $460 million.
- If successful in its acquisition, Nixon will become the owner of three crypto exchanges, having previously acquired Bitstamp and Korbit.