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   254

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 Expand to Thailand and Japan

Largest South Korean cryptocurrency exchange goes to new markets
16 July 2018   261

One of the largest crypto exchanges in South Korea, Bithumb is expanding to Japan and Thailand. Exchange is working to obtain regulatory approval of financial authorities in both jurisdictions. The new divisions are part of a larger scale plan for the global expansion of Bithumb, Bitcoin.com reports.

Bithumb is in talks with the Securities and Exchange Commission of Thailand. The company has already opened a division of Bithumb (Thailand) Company Limited with a registered capital of $ 90,000. 

Thailand is active in e-commerce and the fintech industry, and the government is showing great interest in digital currency as it promotes smart city business.
 

Bithumb 

Thailand has recently completed the development of a regulatory framework for the regulation of the cryptocurrency and ICO. Bithumb is developing a website for a new unit, which will launch trading in late October.

As for Japan, all companies wishing to provide cryptocurrency exchange services in this country are required to receive approval of the local financial regulator of the Financial Services Agency (FSA). In light of the Coincheck hack the FSA tightened supervision over the trading floors and complicated the process of their registration.

Nevertheless, Bithumb expects to receive the approval of the regulator and start trading in the Japanese market in February next year. The company also stated that it "plans to create a exchange with the support of the largest number of coins in Japan".

Earlier, Bithumb said that she was looking for partners for expansion at the world level. According to the exchange, it cooperates with foreign companies in an attempt to create faster and more effective platforms for traders from around the world.

Bithumb is preparing exchange platforms for countries under the global expansion plan and we are looking for great and potential partners (corporation, entity or group) worldwide…The exchange platforms under final development stages are USD / JYP / EUR / CNY / INR / GBP / AUD / CAD / PHP / RUB and [there] will be more soon when there are any service demands.
 

Bithumb 

According to Money Today, Bithumb also opened divisions in Singapore and the UK.