Bithumb Restored New User Registration

Starting from February 9, users can confirm their accounts through the Nonghyup Shinhan bank
09 February 2018   230

South Korean Exchange Bithumb began registering new traders after the integration of the user identification "know-your-customer" system  (KYC) in accordance with the requirements of the law.

Bithumb reports that starting from February 9, investors can confirm their accounts through the bank Nonghyup. Verification through the bank Shinhan is also carried out.

The integration of the new system on the Bithumb exchange was carried out 10 days after the entry into force of the new rules, according to which anonymous trade in crypto-currencies in South Korea was banned. The Financial Services Commission (FSC) demanded that all exchanges of the country introduce a procedure for identifying real names of traders through bank accounts.

Banks, in turn, pledge to stop opening virtual accounts used for anonymous trading.

At the same time, not all exchanges were able to switch to a new system. Some of them use corporate accounts and independently verify users, which allows them to do the law while others have been forced to suspend trading.

According to the Yonhap edition, banks have the right to refuse to serve small and medium-sized exchanges with crypto currency and work only with large sites, such as Bithumb, Upbit, Coinone and Korbit.

Bithumb to Issue Own Token

Token will be issued through the ICO, which will be held in Singapore
20 April 2018   145

One of the largest exchanges of South Korea, Bithumb plans to release its own token called Bithumb Coin. This is reported by the Cointelegraph.

According to his information, the token will be distributed through the ICO, which will be held in Singapore. Bithumb can not conduct a crowdsfunding campaign in Korea, because legislators banned such activities there last year.

We know that the Bithumb coin is underway at a local subsidiary acquired by Bithumb’s subsidiary. Details such as the specific schedule and issue size have not been confirmed.

Bithumb Spokesman

Bithumb is not the first exchange that decided to launch its own token. In early 2018, the Huobi exchange announced the release of Huobi Token. Before it on a similar path decided to choose Binance and Kucoin.

As the experience of some projects, which Bithumb has now decided to join, the ban on ICO in South Korea did not give the desired results. Startups simply conduct their ICO in foreign jurisdictions, which is not a violation of the law. Previously, ICO conducted a Korean start-up ICON (ICX), officially distributed its tokens through Switzerland.