Bithumb Launches Social Media Payment Platform

The SNS Pay platform will support payments on social media including social networking sites and blogs
10 April 2018   413

Bithumb is one of the largest exchanges in South Korea, which allows users to buy, sell, store Bitcoin and Ethereum, and offers additional services like remittances and gift vouchers.

According to the information published on Bitcoin.com, Bithumb is launching a peer-to-peer payment platform for social media. The platform entitled SNS Pay will support payments on social media including social networking sites and blogs.

SNS Pay is a service that integrates support for sharing, billing, and marketing products registered on social media. In particular, [we are] implementing a system to allow payments with the same UI/UX and social media.
 

Bithumb Announcement

(credit: Bitcoin.com)

The SNS Pay platform should increase the payment convenience to lower transaction costs, and the customers can use the platform to buy popular on social media products without having to search for an online store that sells them.

Illustration provided by BithumbBithumb p2p platform

Previously, we have reported that special kiosks with the ability to accept payments in virtual currencies were planned to be installed in cafes and restaurants of Korea, and , in order to stimulate the adoption of the new concept, Bithumb was going to offer several options for the franchises, which you can read about here.

Korean Exchanges to Ban Withdrawal for Unverified Users

This decision was made by Bithumb and Coinone for anti-money laundering policy implementation
18 September 2018   158

Bithumb and Coinone will deprive unverified users of the possibility to withdraw funds, Bitcoin.com reports.

The possibility of withdrawing the crypto currencies to Bithumb will be discontinued on October 1 for corporate market participants. For individual users, this restriction will take effect on October 15. According to the representatives of the exchange, the decision was made to implement the requirements of the anti-money laundering policy.

Representatives of the trading platform stressed that the limitation concerns only the possibility of issuing fiat funds.

The South Korean authorities ordered local crypto-exchanges to verify users in January. Exchange customers can use the so-called "real name system" to convert their accounts into verified and linked to the accounts of banks cooperating with platforms.

However, by now banks have provided this service only to the four largest South Korean exchanges - Bithumb, Upbit, Coinone and Korbit. Moreover, despite the efforts of the government, banks and the cryptoexchanges themselves, only 40-50% of traders took advantage of this service. At the same time, local banks exert pressure on the exchanges, so that the latter more actively comply with the requirements of the anti-money laundering policy.

A similar statement was made by the Coinone Exchange, all unverified users of which will not be able to withdraw Fiat after October 15.