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   1425

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 Invest $8M in Busan Regulation-Free Zone

This will enable it to launch several DLT-related financial services in the region, which was called “regulatory-free zone” by government
09 January 2020   172

The South Korean cryptocurrency exchange Bithumb intends to invest 10 billion won ($ 8.6 million) in a “free from regulation” zone for the development of the blockchain in Busan.

According to the announcement by the Ministry of Small and Medium Business Development this Thursday, Bithumb will conduct the deal through its GCX Alliance division. This month, the exchange will discuss the details of investments with the Financial Services Commission of South Korea. According to News1 Korea, this will enable it to launch several blockchain-related financial services in the region.

In August, South Korean authorities called Busan a “regulatory-free zone” for developing blockchain initiatives in the areas of tourism, public safety and finance.

Shortly before today's announcement, it became known that Bithumb is opening its own cryptocurrency and blockchain research center, which will be the first such initiative of a private company in South Korea.

The center should begin operating activities before the end of the month. In particular, he will study the possibilities of analyzing transactions in public blockchains and protecting private keys of cryptocurrencies, as well as optimizing the application matching engine and creating the application software interface for the trading platform.