Bithumb crypto-exchange gets approval from the South Korean regulatory

Bithumb crypto-exchange joined the other three major crypto exchanges of South Korea to provide crypto-crypto and crypto-fiat services to Korean users. 

On 19 November, the Financial Intelligence Unit (FIU) of Korea announced that they registered the Bithumb crypto exchange under the FIU registration. 

Now, besides the Upbit, Coinone, and Korbit exchanges, Bithumb will also provide full crypto services without any limitations of crypto-fiat trade. 

According to reports, a delay took place with the Bithumb crypto exchange to get approval. Reports claimed that Bithumb’s major shareholder Lee Jung-hoon faced some fraud charges. Because of the fraud charges, regulators postponed the decision on Bithumb. 

Heo Back-young, CEO of Bithumb exchange, shared his happiness and excitement of successful FIU registrations and said that exchange will always favor the investor’s protection by keeping strict standards over the listing of new crypto assets. 

The majority of crypto exchanges stopped services 

On 25 March, Korena regulators announced that all the crypto exchanges of Korea needed to get Information Security Management System (ISMS) certification and FIU certification to ensure the protection of the users’ funds. 

Under these two conditions around more than 90% of the crypto exchanges failed to get this two registration. However, at that time, many crypto exchanges players raised their voices against the new guidelines of the Korean regulation and asked for more time to get ISMS and FIU registration on time.  But no time concession had been provided by the Korena regulators.

During the announcement, there were a total of 68 crypto exchanges in Korea. Now there are only 28 crypto exchanges. 

4 out of 28 crypto exchanges are fulfilling the two requirements. While 24 crypto exchanges are only allowed to provide crypto-crypto trading services to their users. 

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