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   1008

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

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.


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

Korean Exchange to be Reponsible For Hacks

Fair Trade Commission of South Korea had sent "recommendation" to Bithumb & 4 other exchange and they made approriate changes
17 June 2019   218

Five cryptocurrency exchanges in South Korea were forced to make changes to the rules of service provision to reflect their own responsibility for problems that could be caused by cyber attacks or the improper functioning of the systems. This is reported by the local edition of Yonhap with reference to the Fair Trade Commission of South Korea.

It is noteworthy that the exchanges will have to answer for the possible consequences of the incident, even if it is established that its occurrence did not result from their negligent attitude.

According to the regulator, Bithumb and four more trading platforms made these changes based on recommendations received from it last year's April. Earlier, cryptocurrency exchanges declared that they would not be liable until their guilt was proved.

Bithumb has been hacked twice in the past year. Last June, the company lost approximately $ 31 million in cryptocurrency, and this March - another $ 20 million. Despite the rules in force at that time, which provided for the possibility of disclaimers, in 2018 the exchange agreed to take the users' losses on themselves.

In April, it became known that South Korean lawmakers could review their approach to regulating the cryptocurrency industry in order to provide it with the necessary support.