South Korea Regulator Fines Bithumb for $55k

According to the investigation, hackers twice abducted personal data of Bithumb users
13 December 2017   474

The Communications Commission of South Korea (KCC) fined Bithumb's largest trading platform for 60 million won ($ 55,000) "for allegedly leaking the private data of its users”. This is reported by the Yonhap.

According to the commission, hackers twice abducted personal data of Bithumb users: in April, data leakage of 31,506 users occurred, and in July - 3,434 users of the exchange. 

We took into consideration the fact that the vulnerability occurred due to failure to comply with the safeguards clause and was directly or indirectly exploited by the hacker. Personal information was leaked and monetary damage occurred. The punitive action was taken as the operator did not comply with protective steps, making it vulnerable to hacks and causing leaks of personal data and financial damage.
 

KCC Representative 

It is also worth noting that there is no additional information on this situation at official Bithumb website or Twitter. 

Bithumb to Expand to Thailand and Japan

Largest South Korean cryptocurrency exchange goes to new markets
16 July 2018   161

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.