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Bithumb crypto exchange receives approval in South Korea



Bithumb is the fourth major crypto exchange in South Korea to be officially fully licensed. These exchanges offer South Korean users the opportunity cryptocurrencies to trade against each other and against fiat money.

The South Korean financial regulator FIU (Financial Intelligent Unit) reported the registration of the crypto exchange Bithumb in accordance with the regulations.

Now, in South Korea, Bithumb, Coinone, Upbit and Korbit offer the opportunity to conduct crypto trading without restrictions.

Delays due to allegations of fraud

According to some media reports, there were delays in registering Bithumb. This is due to the allegation that the main shareholder Lee Jung-hoon has been charged with fraud.

According to Bitcoinik.com, the CEO of the Bithumb exchange, Heo Back-Young, was happy and excited about the successful FIU registration. In a public statement, he thanked all users. He promised to "do his best to focus on introducing cryptocurrencies based on a rigorous approval process." He also stated that investor protection was paramount.

Heo Back-Young also said, “Bithumb is thinking about different ways to create a transparent ecosystem. This includes measures for investor protection and against illegal activities. For the first time in the industry, this is being led by external experts. "

Requirements for a crypto exchange in South Korea

On March 25, the country's authorities set two requirements for approving crypto exchanges. First, they need to be certified for data protection. This proves that you can protect the personal data of the users.

Another requirement is a partnership with a local bank in South Korea so that users can make deposits and withdrawals from bank accounts under their real names. This measure reduces the risk of criminal offenses such as embezzlement, price manipulation, and money laundering.

Because of these two requirements, only 28 out of 64 exchanges are still operational. Of these 28, only four crypto exchanges have met the requirements for processing fiat money-to-crypto services. The remaining 24 only have certification, but no partnership with banks. You can only use it to process crypto transactions.

While Bithumb was getting its approval, the FIU was accepting business reports from Flybit and GDAC, smaller crypto exchanges in South Korea. However, these two cannot offer fiat money services as they do not have a banking partnership.

The future of Bithumb

According to the Korea Times, Bithumb's approval as a digital asset provider is a huge win for the Korean crypt sector. Bithumb can become one of the leading crypto exchanges in South Korea.

A Bithumb official said, "We will continue to strive to protect investors and improve our customer service so Bithumb can become the leading crypto exchange in the country." Experts believe Bithumb's approval will break Upbit's monopoly.

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