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.