Bithumb to Lower Withdrawal Limit for Unverified Traders

Despite the exchange's attempts to verify its clients, as of the beginning of May, only 30% of accounts were verified
29 May 2018   1330

South Korean cryptocurrency exchange Bithumb "decided to gradually reduce the withdrawal limit for customer accounts that have not converted to real-name confirmation accounts." This is reported by Bitcoin.com.

South Korean regulators have set up a new system for verification of accounts on the exchange at the end of January to prevent anonymous trading of digital assets, but many traders continue to use unconfirmed accounts. As of the beginning of May, only 30% of accounts were verified.

According to Bithumb, about 60% of customers didn't switch to a real-name verification accounts. Exchange currently has a daily withdrawal limit of 50 million won (~US$46,465) and a monthly limit of 300 million won (~$278,753).

We have decided to gradually reduce the withdrawal amounts in the Korean won because it is raising concerns that bank accounts for unconverted withdrawals may become a target of various financial crimes.
 

Bithumb

Earlier it became known about Bithumb's refusal to serve users from 11 "non-cooperating countries and territories".

Bithumb to Launch Blockchain For Users' DeFi Apps

A new blockchain is currently under development but the testnet is scheduled to be launched by the end of the year and mainnet in next quarter
07 November 2019   200

The South Korean trading platform Bithumb will launch on its own blockchain platform operating on the principle of “exchange as a service,” CoinDesk reports.

The Bithumb Chain blockchain will allow users and developers to create open source decentralized financial applications (DeFi), which developers hope will form the basis of the new financial ecosystem.

A new blockchain is currently under development. The launch of the testnet is expected before the end of the year, and the main network in the next quarter.

Javier Sim, co-founder and managing director of Bithumb Global, noted that the new blockchain will be based on the OBFT hybrid “revolutionary consensus model”. He did not specify the details of the new mechanism, but it is known that the company intends to patent it, and that it uses a “provably random function”. Thus, OBFT is similar to the technology of the Algorand project, which uses its approach to the Byzantine consensus (Byzantine Fault Tolerant, BFT).

Earlier, the head of the American company Coinbase Brian Armstrong said that the growth of decentralized finance is becoming exponential.